Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Bernanke steps into the spotlight
Bernanke steps into the spotlight - 02:13
The official royal wedding guest list revealed
The official royal wedding guest list revealed - 01:23
Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Hospital staff flee border fighting
Hospital staff flee border fighting - 01:10
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Three blasts hit Kirkuk
Three blasts hit Kirkuk - 01:25
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
S&P Credit Rating Warning Helpful - Lister
S&P Credit Rating Warning Helpful - Lister - 00:53

Crisis at Japan's last PC chipmaker

Monday, February 27, 2012 - 01:42

Feb.27 - Japan's Elpida Memory says it has filed for protection from creditors with 5.55 billion dollars in debt, the biggest bankruptcy filing by a Japanese manufacturer. Ciara Sutton reports

▲ Hide Transcript

▶ View Transcript

It once dominated the world of PC memory chips, but Japan's days in the business could soon be numbered. Its sole maker of "dynamic random-access memory" chips has filed for bankruptcy. Elpida Memory is struggling with nearly five and a half billion dollars of debt, making it the biggest bankruptcy filing by a Japanese manufacturer. The chip maker has been crippled by the success of Apple's iPad which is much less reliant on DRAM chips. It has also struggled to keep up with South Korean rivals Samsung. And president of Elpida, Yukio Sakamoto, says a strong yen has dampened global competitiveness. (SOUNDBITE) (Japanese) PRESIDENT OF ELPIDA MEMORY INC., YUKIO SAKAMOTO, SAYING: "I've never imagined that the yen would surge this high, though I admit it was one of my mistakes in management." The company had been hoping to find potential partners, but nothing came. (SOUNDBITE) (Japanese) PRESIDENT OF ELPIDA MEMORY INC., YUKIO SAKAMOTO, SAYING: "We've been waiting for offers until the last minute, but most of them were not concrete commitments, just mere intentions." The Tokyo Stock Exchange says shares in Elpida Memory will be delisted at the end of March. But Japan's Trade Minister Yukio Edano says he hopes domestic production can be continued. (SOUNDBITE) (Japanese) JAPANESE ECONOMY, TRADE AND INDUSTRY MINISTER, YUKIO EDANO, SAYING: "I hope Elpida Memory's rehabilitation process moves in way that its domestic production operations can be maintained." The company has just two months to find more than a billion dollars to repay bonds and loans. It also owes the government almost 500 million dollars. Ciara Sutton, Reuters

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Crisis at Japan's last PC chipmaker

Monday, February 27, 2012 - 01:42

Featured Videos

Catholic robes - pomp, craft and propaganda

Catholic robes - pomp, craft and propaganda

Intricately embroidered and gold embossed textiles have gone on display in London in an exhibition looking at vestments worn in the Catholic Church between the 16th and 19th centuries
Final tests for mission to study the sun

Final tests for mission to study the sun

The European Space Agency's mission to study the Sun in unprecedented detail is being prepared for final pre-launch testing
Ocean clean-up ship fuelled by plastic pollution

Ocean clean-up ship fuelled by plastic pollution

Plans have been revealed for a self-powering ship that will remove plastic pollution from the sea, processing it into fuel as it goes
Ivorian wins first African freestyle football champs

Ivorian wins first African freestyle football champs

A freestyle footballer from Ivory Coast wins the first African championships, held in Nigeria
Che Guevara poster artist on revolutionary times

Che Guevara poster artist on revolutionary times

Fifty years after creating the Che Guevara poster that still adorns student bedrooms around the world, Irish artist Jim Fitzpatrick is delighted at its ubiquity, but concerned at its exploitation for commercial gain