Online information source for semiconductor professionals

Insolvency proceedings start for Qimonda as workforce shifts to ‚??transfer‚?? company

01 April 2009 | By Mark Osborne | News > Fab Management

Popular articles

New Product: Applied Materials new EUV reticle etch system provides nanometer-level accuracy - 19 September 2011

Oberai discusses Magma’s move into solar PV yield management space - 29 August 2008

‚??Velocity‚?? the new buzzword in Intel‚??s PQS annual awards - 12 April 2012

Applied Materials adds Jim Rogers to Board of Directors - 29 April 2008

TSMC honors suppliers at annual Supply Chain Management Forum - 03 December 2008

Insolvency proceedings have now commenced in Munich, Germany for DRAM manufacturer Qimonda AG. Production in Dresden has been put on hold and a designated number of employees have taken pay cuts and been moved to a newly formed ‘transfer’ company as negotiations continue to find an ‘anchor’ investor in the ‘new’ Qimonda.

About 600 employees in Munich and about 1,850 employees in Dresden (84% of Munich-based and 93% of Dresden employees) have accepted pay cuts as part of joining the transfer company. The wage cuts are between 30% and 37%. Approximately 340 employees in Munich and about 575 employees in Dresden continue to work directly on operating the business. 

The formation of the transfer company was intended to preserve front-end and back-end manufacturing operations in Germany and Portugal and administration in Munich to keep hopes of a new investor alive while insolvency proceedings continued.

However, should the company fail to attract new anchor investment, the most likely outcome is full liquidation and all jobs being lost.

In the meantime, Qimonda said it had plans to continue development as best it can on its 46nm Buried Wordline technology.

Related articles

Qimonda files for bankruptcy as refinancing deal not completed in time - 23 January 2009

Qimonda Portugal sells surplus assets to help fund new business venture - 26 March 2010

Qimonda to stop production at Dresden as insolvency looms - 13 March 2009

Qimonda Portuguese subsidiary cuts 1,000 - 16 April 2009

TI places bid for Qimonda manufacturing equipment - 25 August 2009

Reader comments

No comments yet!

Post your comment

Name:
Email:
Please enter the word you see in the image below: