ChipMOS Technologies (Bermuda) LTD. (IMOS) announced that its subsidiary ChipMOS Technologies, Inc. or "ChipMOS Taiwan" has entered into a Revised Term Sheet that it anticipates will lead to a definitive agreement to sell to Citigroup Financial Products Inc. the general unsecured claim reflected in the proof of claim against Spansion Inc., Spansion Technology LLC, Spansion LLC, Spansion International Inc. and Cerium Laboratories LLC filed by ChipMOS Taiwan in United States Bankruptcy Court.
The claim that is the subject of the Revised Term Sheet includes accounts receivable for testing and assembly services provided to Spansion in the amount of approximately US$66 million to US$70 million. The purchase price for the Undisputed Claim is expected to be about US$33 million to US$35 million, payable upon ChipMOS Taiwan's and Citigroup's execution and delivery of a definitive agreement containing the claim sale terms and conditions.
In addition, the Revised Term Sheet also contemplates the sale of breach of contract and liquidated damages rights against Spansion in the amount of approximately US$234 million. The Purchase Price for the Damages Claim is expected to be approximately US$117 million, contingent on allowance of this claim by a final adjudication of the United States Bankruptcy Court.
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