TI to put in bid for Qimonda unit
Texas Instruments has made tentative moves to buy the assets of a bankrupt unit of Qimonda for $172.5million.
The Dallas based company has made an initial bid for the German chipmaker's unit, known as a 'stalking bid'. This bid would push for an auction to be held on September 23rd should any other bidders emerge. A company in Chapter 11, traditionally uses a stalking horse to set a floor price for its assets. However, Delaware's bankruptcy court must first approve the bid from TI.
Qimonda Richmond filed for bankruptcy in February, saying it had assets and liabilities in excess of $1billion.
