Chipmaker Conexant Looks To Slash Debt In Ch. 11

Law360, Wilmington (February 28, 2013, 5:43 PM EST) -- Saddled with slumping revenues and costly long-term obligations, microchip developer Conexant Systems Inc. entered bankruptcy protection in Delaware on Thursday with a hedge fund- and private equity-backed prepackaged Chapter 11 plan that seeks to clean up its balance sheet and reorganize the company within four months.

Backed by senior lender QP SFM Capital Holdings Ltd. — an entity managed by Soros Fund Management LLC — and sponsors Golden Gate Capital and August Capital, the plan would allow Conexant to deleverage debt, streamline operations and shed unproductive...
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