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ProMOS lives to fight another day
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Time was running out for loss making Taiwan DRAM manufacturer ProMOS, in its efforts to raise capital to re-pay a convertible bond that could have forced the company into receivership.
However, the company has now secured approximately 91% support from bondholders to either withdraw their redemption request or accept a revised and heavily discounted tender offer of no less than US$250 per US$1,000 principal amount of bonds tendered. The success in averting the redemption will see its creditor banks provide much need cash for the company to continue operations for the short-term.
ProMOS has been rumoured to be close to suspending DRAM production at its oldest 300mm fab to conserve cash, which was already operating at very low levels. ProMOS has three 300mm DRAM fabs.
ProMOS will extend the early tender time as well as the tender offer expiration time to March 27, 2009.