German memory chip vendor qimunda declared bankruptcy

NetEase Technology News Beijing time on January 23, according to foreign website reports, on Friday, Germany's Munich Administrative Court spokesman Ingrid Kaps confirmed that memory chip maker Qimeng has filed for bankruptcy, it is only one month away from accepting a rescue loan of hundreds of millions of euros.

The court did not disclose more details. Qimeng, headquartered in Munich, declined to comment immediately. In last December, a state-owned bank in Germany, infinine, the parent company of Qimeng, and a Portuguese bank provided Qimeng with an emergency loan totaling € 0.325 billion (about $0.421 billion, however, the aid program failed to save Qimeng.

Qimeng was removed from Infinitus in 2006, but Infinitus still holds a 77.5% stake in the company. Memory chip manufacturers have been struggling due to falling memory chip prices and excess supply, and Qimeng has not been spared. Qimeng has a total of approximately 12 thousand employees worldwide, including around 3500 in sagerson, 1500 in Munich, and thousands of employees in Portugal.

In a morning transaction in Germany's Frankfurt stock market, imeng's parent company, Infineon, fell 7% to 0.65 euro/share. (