Falling Demand Sends MagnaChip Parent Into Ch. 11

Law360 (June 12, 2009, 12:00 AM EDT) -- South Korean electronics company MagnaChip Semiconductor Ltd.'s American parent company has filed a prearranged bankruptcy in order to sell its assets to a group of investors led by a Korean private equity fund for $80 million, blaming a sharp decline in demand.

MagnaChip Semiconductor LLC and five subsidiaries filed bankruptcy petitions on Friday in the U.S. Bankruptcy Court for the District of Delaware. MagnaChip's primary manufacturing and design units, which are based in South Korea and Japan, are not debtors in case.

As of Dec. 31,...
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