Online information source for semiconductor professionals

Tower signs MOU for debt restructuring as Jazz Technologies takeover looms

22 August 2008 | By Síle Mc Mahon | 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

New Product: ASML Brion‚??s Tachyon MB-SRAF enables OPC-like compute times - 19 September 2011

TowerJazz Technologies, Inc. signed a merger agreement back in May 2008 that agreed the acquisition of Jazz’s shares by Tower Semiconductor Ltd. Tower has subsequently announced that it has signed a Memorandum of Understanding (MOU) with its lender banks and Israel Corporation, one of Tower’s major shareholders, for restructuring of the company’s debt.

The MOU will see a reduction of $250 million of Tower’s debt, a $250 million increase in shareholders’ equity and a commitment of additional investment by Israel Corporation. It also guarantees a deferral of payments such as interest and principal payments by the company. The merger is expected to be finalized on Jazz Technologies’ side at a special stockholders’ meeting on September 17th, 2008.

Related articles

Jazz and Tower receive stockholder go-ahead - 19 September 2008

Job cuts at Jazz Technologies - 14 May 2007

Jazz plays last tune as Tower takes over - 20 May 2008

Tower Semiconductor to cut costs ‚?? and jobs - 29 May 2008

Tower and Jazz Semiconductor increase presence in Korea - 22 January 2009

Reader comments

No comments yet!

Post your comment

Please enter the word you see in the image below: