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Electronics Production | December 16, 2008

Qimonda: Saxony helps with €150 million

The Qimonda facility in Dresden, Germany is to receive a €159 million loan from the German federal state of Saxony.
Saxony is prepared to loan Qimonda €150 million, explained the Saxon Economics Minister Thomas Jurk and the Finance Minister George Unland in Dresden today. The state wants to prevent a possible insolvency of the company next year. However, this loan is subject to one condition: Infineon is to give the same amount to rescue its subsidiary.

Infineon had recently asked for approximately €500 million (in guarantees) from the federal government of Germany and Saxony, to prevent a possible insolvency. If no buyer for Qimonda was found and no other assistance was received, Qimonda could slip file for insolvency as early as March next year. (evertiq reported).

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