Law360, Wilmington (July 6, 2016, 3:37 PM EDT) -- Toshiba Samsung Storage Technology Korea Corp. won Chapter 15 bankruptcy protection in Delaware Wednesday, shielding it from most U.S. creditor actions while the company reorganizes its business in Korea's court system and restructures a $78 million debt.
The company, once a joint venture of Toshiba Corp. and Samsung Electronics Co., Ltd., was spun off by the two tech giants in 2014 after its optical disk drive sales and technologies were overshadowed by technological advances and market changes. The shifts left the company with only $55 million in assets, mostly in the form of intellectual property rights, by the time it sought...
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