Qimonda deal brings €135 million payment, €125 million acquisition

By Caroline Salls

Pittsburgh, Sept. 24 – Qimonda AG insolvency administrator Michael Jaffee and Infineon Technologies AG agreed to an out-of-court settlement, according to a news release.

The settlement resolves all disputes, except for pending proceedings related to the grounds of economic re-establishment and liability for the impairment of capital.

The company said the court proceedings initiated by its insolvency administrator against Infineon on the grounds of economic re-establishment and liability for the impairment of capital will be continued at the Munich District Court.

Under the settlement, Infineon will pay €135 million and acquire all Qimonda patents for a further €125 million.

The closing of the partial settlement agreement and the acquisition of the patent business is subject to the fulfillment of various legal conditions, and is expected to take place in the quarter after the conditions are fulfilled. Qimonda said its creditors’ assembly of has already approved the agreement with Infineon.

“With this partial settlement, we have made significant progress in the insolvency proceedings over the assets of Qimonda,” Jaffe said in the release.

“We were able to find a solution for key aspects of the proceedings and in the interest of our creditors ensure a considerable increase in the estate.”

Qimonda is a Munich-based semiconductor memory products producer.

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