Elpida Files for Bankruptcy Protection
Chip maker Elpida Memory Inc. of Japan filed for bankruptcy protection on Monday, in the largest corporate failure among the nation’s manufacturers since the end of World War II.
Elpida, which employed about 6,000 people world-wide as of September, is struggling with the effects of the strong yen, as well as competition from South Korean rivals. The company said its liabilities totaled ¥448.03 billion, or $5.52 billion, at the end of March 2011. It has posted a net loss for five consecutive quarters through December.