Tokyo High Court dismisses creditor appeals

Elpida's reorganization plan calls for Micron to sponsor the reorganization under which Elpida will join the Micron group of companies. On February 28, the Tokyo District Court approved the reorganization plan following an Elpida creditor vote in which the creditors voted overwhelmingly to approve the plan. On March 29, certain unsecured creditors of Elpida filed appeals of the District Court's approval order with the Tokyo High Court. "We applaud the Tokyo High Court's ruling," said Micron CEO Mark Durcan. "This is an important milestone on the way to Micron and Elpida joining to become the world's second largest memory provider with the strongest product portfolio in the industry." The closing of the transaction remains subject to the satisfaction or waiver of certain conditions—including recognition of Elpida's reorganization plan by the United States Bankruptcy Court for the District of Delaware.