Tuesday, ChipMOS Technologies, Ltd. (IMOS) announced that its subsdiary ChipMOS Technologies has signed Transfer of Claim Agreement to sell general unsecured claim to Citigroup Financial Products. The company said the claim is related to the proof of claim filed by ChipMOS Taiwan in the U.S. Bankruptcy Court, against Spansion, Inc. The claim will be solf for around US$33 million.
In March 2009, flash memory maker Spansion, Inc. and its US subsidiaries filed for bankruptcy protection. Spansion's biggest creditors include Chipmos Technologies Ltd.
The proof of claim against Spansion - Spansion Inc., Spansion Technology LLC, Spansion LLC, Spansion International, Inc. and Cerium Laboratories LLC - includes accounts receivable for testing and assembly services provided to Spansion in the amount of approximately US$66 million to US$70 million.
ChipMOS Technologies has entered into a definitive transfer of claim agreement with Citigroup in this regard. At closing, Citigroup will pay an initial purchase price for the undisputed claim to an escrow agent to be held in escrow.
The escrow agent will handover the amount to ChipMOS Taiwan 20 days after the closing date, if no objection is filed prior to the end the escrow period. If an objection is filed, then the claim will be repurchased by ChipMOS Taiwan and the escrow agent will return the payment to Citigroup.
The agreement also includes the sale of a breach of contract and liquidated damages rights against Spansion in the range of US$234 million.
ChipMOS Taiwan has also entered into an agreement to subscribe for, purchase and transfer to Citigroup rights offering shares to be issued by Spansion, according to the Second Amended Joint Plan of Reorganization, filed in U.S. Bankruptcy Court. This agreement provides that Citigroup will pay to the company the amount of the rights offering shares purchase price.
IMOS is currently trading at $0.771, up $0.019 or 2.55%, on a volume of 19,293 shares on the Nasdaq, while C is trading at $3.25, up $0.02 or 0.62%, on a volume of 170.94 million shares on the NYSE.
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