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22
April
2009

Flextronics, Jenoptik exposed to Asyst bankruptcy protection

Semiconductor- and flat panel equipment maker Asyst Technologies, Inc., has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code.
The company's Japanese subsidiaries, Asyst Technologies Japan Holdings Company, Inc. and Asyst Technologies Japan, Inc., earlier today entered into related voluntary proceedings under Japan's Corporate Reorganization Law (Kaisha Kosei Ho).

Over the past several months, the company has undertaken significant efforts to reduce its expense structure and working capital requirements in response to these unprecedented conditions. However, recent delays in customer projects and related cash collections, a constriction in available borrowing from lenders, acceleration of vendor payment obligations, and inability to generate sufficient cash flow or identify new sources of liquidity have caused the company to seek bankruptcy protection in order to be better able to manage its operations through a restructuring process.

According to a report by Interactive Investor, Flextronics Manufacturing Ltd is Asyst Technologies’ largest unsecured creditor, with a claim of $3.3 million. Also Germany based Jenoptik has unsecured claims of $515,000 or less.
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