Electronics Production | January 26, 2009
Qimonda: Mr Jaffé to talk to Portuguese staff beginning of February
Following the insolvency application of Qimonda, a comprehensive appraisal has been started in order to quickly ascertain in what form the company's business operations can be continued. Talks are initially being held with all parties involved in Bavaria, Saxony and Portugal.
The first job for several project teams is to assess the immediate liquidity situation – in Germany and in Qimonda's crucial foreign companies – as a prerequisite for any further measures. In addition, various options for continuing business activities in the medium and long term are being evaluated with an open mind. These options also include a potential process of finding investors. The employees at the Munich location are informed about the current state of affairs by the preliminary insolvency administrator in a works meeting today. An equivalent meeting in Dresden will follow tomorrow. The preliminary financing of the insolvency fund has already been set in motion. Talks are to be held at the production site in Porto and in Lisbon at the beginning of February. Production continues at all Qimonda locations for the time being. “It is still too early to make a well-founded assessment. What is already clear is that we are dealing with a highly complex situation and an extremely capital-intensive business. Therefore, contributions from financially strong investors are required to reach a sustainable solution,” said Mr Jaffé. “The first generation of our Buried Wordline technology is already surpassing our expectations. This innovative technology is the core of our company's future,“ said Thomas Seifert, Financial Director and COO of Qimonda AG. “We will fight to make the competitive advantage gained in the development stage bear results for Qimonda.“ On 23 January 2009, Qimonda AG and Qimonda Dresden OHG filed an application with the District Court of Munich to open insolvency proceedings. This was due to immediate illiquidity in the case of Qimonda AG, and threatened illiquidity in the case of Qimonda Dresden OHG.