MagnaChip Semiconductor Emerges from Chapter 11

Seoul —November 09, 2009 — MagnaChip Semiconductor (“MagnaChip” or “the Company”) announced that its Second Amended Plan of Reorganization confirmed by the United States Bankruptcy Court for the District of Delaware on September 25, 2009 (the “Plan”), will become effective on Monday, November 9, marking MagnaChip's emergence from voluntary Chapter 11 restructuring.

The Plan was overwhelmingly supported by the Company’s creditors. Under the Plan, Avenue Capital Management II, L.P. (“Avenue Capital”) has become the controlling shareholder of MagnaChip, and other secured and unsecured creditors have received minority equity stakes. MagnaChip has reduced its long-term debt to only $62 million, leaving the Company’s balance sheet nearly net debt free with over $50 million of cash on the balance sheet.

Sang Park, CEO of MagnaChip Semiconductor said, “I am very happy to announce that MagnaChip has overcome its difficulties and is now financially robust and ready to continue executing our growth plan. We greatly appreciate the solid support of our creditors and especially our customers, suppliers, and business partners. The quick completion of our financial restructuring is a testament to our employees and the strength of our business.”

About Avenue Capital Group

Avenue Capital Group manages assets valued at approximately $19.2 billion*. Avenue is a leading global investment management firm specializing in distressed and undervalued public and private debt and equity securities of undervalued and distressed companies. Founded in 1995, Avenue is headquartered in New York, with offices in London, Munich, Luxembourg, and nine offices throughout Asia.

About MagnaChip Semiconductor

Headquartered in South Korea, MagnaChip Semiconductor is a leading, Asia-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications. The Company has a broad range of analog and mixed-signal semiconductor technology and intellectual property, supported by its 30-year operating history, large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. For more information, please visit www.magnachip.com.




Review Article Be the first to review this article

Harris

Featured Video
Jobs
Analyst Programmer for Palm Beach County at West Palm Beach, FL
Mapping & GIS Sales Rep for California Surveying & Drafting Supply at Sacramento, CA
Architectural Designer for Champion Home Builders at Troy, MI
Upcoming Events
Intergeo 2017 at Berlin Germany - Sep 26 - 28, 2017
2017 South Florida GIS Expo at Palm Beach County Convention Center 650 Okeechobee Blvd West Palm Beach FL - Sep 28 - 29, 2017
2nd International Conference on GIS and Remote Sensing (GIS Congress-2017) at Vienna, Austria Vienna Vienna Austria - Oct 2 - 3, 2017
Drone World Expo at San Jose Convention Center CA - Oct 3 - 4, 2017
Teledyne Optech
University of Denver GIS Masters Degree Online
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise