Product category:
Microprocessors, Microcontrollers and DSPs
News Release from: Zilog
Edited by the Electronicstalk Editorial
Team on 16 May 2002
Zilog on the road to recovery
Zilog's plan of reorganisation, as confirmed by the US Bankruptcy Court in San Jose on 30th April 2002, is now effective.
Zilog's plan of reorganisation, as confirmed by the US Bankruptcy Court in San Jose on 30th April 2002, is now effective "This announcement underscores the dramatic improvement that Zilog's management team and employees have made in turning around the company, despite the difficult business conditions in the semiconductor industry", said Jim Thorburn, Zilog's Chairman and CEO
This article was originally published on Electronicstalk on 7 Dec 2001 at 8.00am (UK)
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"We are a very focused company with a great brand name and rich heritage of intellectual property and products.
We see significant opportunity for Zilog as we deliver our new products to our customers and generate value for our stakeholders".
The record date for the holders of the company's $280 million senior notes is 3rd May 2002.
The senior notes will be exchanged for 28 million shares of common stock and certain interests in Zilog-Mod III.
The exchange is expected to be completed within 20 days of the effective date of the plan.
By 9th August 2002, the company will file with the SEC a shelf registration statement allowing certain of its affiliates to resell their common stock received in the exchange.
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