Thursday, ChipMOS Technologies (Bermuda) Ltd. (IMOS) said that its subsidiary ChipMOS Technologies, Inc., Taiwan entered into a revised term sheet which is expected to lead to a definitive agreement to sell the general unsecured claim against Spansion, reflected in the proof of claim filed in U.S. Bankruptcy Court to Citigroup Financial Products Inc., for an estimated range of about US$33 million to US$35 million.
Hsinchu, Taiwan-based ChipMOS has filed the undisputed claim against Spansion Inc., Spansion Technology LLC, Spansion LLC, Spansion International Inc. and Cerium Laboratories LLC, which includes about US$66 million to US$70 million provided to Spansion for testing and assembly services.
ChipMOS Taiwan's and Citigroup's rights and obligations regarding the transfer of the claim are subject to negotiation, execution and delivery of a definitive agreement containing the claim sale terms and conditions. The company said that the revised term sheet also contains the Damages Claim against Spansion, contemplating the sale of breach of contract and liquidated damages rights for the amount of approximately US$234 million. The Purchase Price for the claim is expected to be about US$117 million, payable to ChipMOS Taiwan to the extent that the court allows the Damages Claim.
Further, ChipMOS reveled that Fulcrum Credit Partners LLC has filed a compliant with the District Court of Travis County, Texas to seek a declaratory judgment on the binding agreement for the sale of the claim, an unspecified amount of actual, consequential and exemplary damages and other relief, as Fulcrum alleges that both the companies had reached an agreement for the sale of the general unsecured claim filed by ChipMOS Taiwan in the Spansion bankruptcy proceeding. Fulcrum names ChipMOS Taiwan, the company's subsidiary ChipMOS USA and Citigroup as defendants for the allegations. ChipMOS denies the allegations and said it intends to vigorously contest the matter.
IMOS is currently trading at $0.820, up $0.040 or 5.14% on a volume of 488,075 shares on the Nasdaq.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.