Qimonda Settles GE Unit's Lease Claim For $15M

Law360, New York (August 19, 2011, 4:52 PM EDT) -- Qimonda Richmond LLC agreed on Thursday to pay $15.3 million to settle a claim brought in Delaware bankruptcy court by General Electric Capital Corp., which leased semiconductor manufacturing equipment to the defunct chip-maker.

GECC had filed a bankruptcy claim for $94 million, saying Qimonda owed it for unpaid rent and damage done to the manufacturing equipment. Under terms of the settlement, GECC will also get the proceeds from the planned sale of the equipment.

"Rather than engage in costly and lengthy litigation, the debtors and GECC...
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