Northern, WI 05/20/2013 (usastockreport) – The share prices of Micron Technology Inc. (NASDAQ:MU) surged by 2.26 percent to close at $11.31 for the last trading session. The global manufacturer and provider of advanced semiconductor solutions had succeeded in its financing of reorganization of Elpida Memory Inc. In a Tokyo high court order, creditor appeals against the approval of reorganization plan was dismissed and the previous Tokyo District Court’s approval was held up.
Dismissal of Creditors Appeal
This dismissal of the creditors’ appeal would mean that Micron Technology Inc. (NASDAQ:MU) can effectively sponsor the reorganization of Elpida Memory Inc., after which the company would join the Micron Technology Inc. (NASDAQ:MU) group of companies. While the reorganization plan was voted for by majority of creditors of the Elpida Memory Inc. certain unsecured creditors appealed against the approval in the Tokyo High court.
The Chief Executive Officer of Micron Technology Inc. (NASDAQ:MU), Mark Durcan applauded the dismissal of creditors appeal and was confident that this joint venture between the companies would enable them to become the second largest memory provider with highly strong product portfolios in the industry.
Micron Technology Inc. (NASDAQ:MU) is the largest provider of group of DRAM, NAND and NOR flash memory and other advanced technologies in memory. The company had been leading in the manufacturing and marketing of innovative packaging solutions and semi conductor systems for use in leading edge computing. This approval for sponsoring and thereby joining Elpida Memory Inc. into its group of companies proves to be another successful milestone in the history of Micron Technology Inc. (NASDAQ:MU).