January 23, 2009 / 8:33 AM / 9 years ago

Qimonda files for insolvency - court

FRANKFURT, Jan 23 (Reuters) - Loss-making memory chip maker Qimonda QI.N has filed for insolvency, a court in Munich said on Friday.

The German state of Saxony, home to Qimonda’s biggest production plant in Dresden, and Infineon in December agreed on a 325 million euros ($421 million) rescue package with the help of an unnamed investment bank in Portugal, where the company also has a plant.

On Thursday, several sources familiar with the matter told Reuters Qimonda may need an additional 300 million euros in rescue funds. (Reporting by Irene Preisinger in Munich, Gernot Heller in Munich and Nicola Leske in Frankfurt)

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