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Chipmaker Qimonda to stop production in April

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Chipmaker Qimonda to stop production in April
Photo: DPA
20:08 CET+01:00
The distressed German memory chip maker Qimonda faces liquidation and will halt production April 1, an insolvency administrator said on Friday.

"Various investors have signalled their interest, but as yet there are no binding offers on the table," insolvency official Michael Jaffe said in a statement. "As anticipated, it will not be possible to reach a conclusive solution by the end of March."

That was the date fixed by Qimonda, a unit of the German group Infineon, as part of its insolvency filing. After March 31, a bankruptcy court in southern Munich is to decide whether to launch insolvency proceedings, the statement said.

Production at Qimonda's site in the eastern city of Dresden would be ramped down and put into "standby mode," it added, while employees at German sites would be offered posts at a "transfer company."

Qimonda, which filed for insolvency on January 23, employs 12,200 people worldwide but has posted more than a €1 billion ($1.29 billion) in losses over several quarters owing in part to falling prices for memory chips.

"This high technology is of great significance for Germany as an industrial centre and for Europe overall," Qimonda chief executive Kin Wah Loh said. "We will continue to make this clear in the ongoing talks with policy makers in Saxony, Bavaria, Germany, Portugal and the European Union."

Qimonda's main production facilities are located in the two German states and in Portugal.

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