As it continues to preserve cash, loss making photomask manufacturer, Photronics has been able to renegotiate the lease agreement at its joint venture mask shop with Micron Technology. The new operating lease agreement for the NanoFab facility will be reduced from US$3.8 million to US$2.0 million per quarter, and the lease term will be extended from December 31, 2012 to December 31, 2014. Photronic said that the outstanding debt and assets associated with the facility will be reduced by approximately US$30 million.
