Tokyo Court Nixes Creditor Appeal Of $2B Elpida-Micron Deal

Law360, Chicago (May 16, 2013, 1:36 PM EDT) -- Micron Technology Inc. nudged closer to completing its $2 billion acquisition of bankrupt rival Elpida Memory Inc. on Wednesday after a Japanese court rejected an appeal from bondholders challenging Elpida's reorganization plan and the underlying merger between the chipmakers.

The Tokyo High Court dismissed the appeal of a lower court’s February order approving the plan, of which creditors on the whole voted “overwhelmingly” in favor, according to a statement from Idaho-based Micron.

"We applaud the Tokyo High Court's ruling," Micron CEO Mark Durcan said. "This is...
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