ChipMOS Can Foreclose On Bankrupt Spansion's Chips

Law360, New York (October 14, 2009, 1:20 PM EDT) -- A federal judge has given semiconductor service provider ChipMOS Technologies Ltd. the go-ahead to foreclose on more than 20,000 of bankrupt Spansion Inc.'s semiconductor wafers it holds a statutory possession lien on in China.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware on Tuesday granted ChipMOS and its designated broker or representative limited relief from the bankruptcy case's automatic stay to solicit bids for the wafers' sale and sell them to a buyer under Chinese law.

The wafers have not...
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