UPDATE 1-Elpida to draw up rehab plan in 6 weeks - Nikkei

Feb 29 (Reuters) - Chipmaker Elpida Memory Inc , which filed for bankruptcy protection on Monday, intends to draw up a rehabilitation plan within six weeks, the Nikkei reported.

In comparison, Japan Airlines Corp and Willcom Inc had submitted their rehabilitation plans eight months after filing for bankruptcy protection, the business daily said.

Elpida, which manufactures dynamic random access memory (DRAM) chips, filed for protection from creditors on Monday with $5.6 billion in debt, after potential partners failed to come through to rescue the cash-strapped chipmaker.

The company hopes to get back on its feet quickly by deciding on a sponsor firm by mid-April, but might face problems as it filed for bankruptcy without consulting key lenders first, the Nikkei said.

The rehabilitation plan is to include specifics such as the percentage of debt the company will repay. Yukio Sakamoto is to stay on as president if key creditors approve, the daily said.

Elpida had been in talks on a capital and business partnership with Micron Technology Inc since the end of last year, and the US chipmaker is seen as the leading candidate to sponsor Elpida's rehabilitation, the Nikkei said.

Elpida has been discussing a sale of its sole domestic production unit in Hiroshima Prefecture to US semiconductor foundry GlobalFoundries Inc, the Nikkei said. (Reporting by Chandni Doulatramani in Bangalore)