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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.