#aviza

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Draph Ojisans pt2

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Aviza Technology applies to be protected bankrupt

Author: Semiconductor International Chip fabrication facilities manufacturer Aviza Technology Inc (AVZA) Show, already chapter 11 has been applied to be protected bankrupt according to U.S.A.'s Bankruptcy Reform Act. This company shows, the reason causing their applications to go bankrupt includes: The slump in demand of fabrication facilities of chip that the economic recession causes, it guarantees acceleration of the line of credit is utilized, in addition, fail to find the new fluidity source. Aviza shows, in the past several months, through reducing the staff, cutting down the high tube salary, and measure of forcing the staff to have a holiday etc., have already made great efforts to cut down the cost and demand of budgets for operation. This company has still already engaged Needham & Co to assist it to seek other strategic choices, including amalgamating some or all assets with another company, selling, and through clearing or dismissing the company bankrupt. Before filing the application for bankrupt protection, this company signed a non- restrictive letter of intent, agree to sell some assets and business to know to the society (Sumitomo Precision Products Co) for Japanese Sumitomo accurate industry . This company shows, plan to finish this transaction and and sell other assets. English Link: http://www.semiconductor.net/article/279019-Aviza_Technology_Files_for_Chapter_11.php Aviza Technology Inc. (Scotts Valley, Calif.) announced today that is has filed for Chapter 11 bankruptcy as it goes ahead with efforts to sell cer tain of its assets to Sumitomo Precision Products Co. Ltd. (SPP, Amagasaki, Japan) . SPP makes specialized deposition and etch systems, including MEMS-related silicon etch tools. Several years ago, Aviza acquired Trikon Technologies Inc., and Gartner analyst Dean Freeman said SPP could be interested in the depositon and etch technology wi thin Trikon, now an Aviza subsidiary. Jerry Cutini, CEO, Aviza Aviza has been working to find a buyer in recent months, and signed a letter of intent with SPP to sell key assets, said CEO Jerry Cutini. By filing Chapter 11, we can continue to operate our business and pursue an orderly transition to SPP with minimal impact o n our customers and employees. Besides the deal with SPP, Aviza is looking at other significant asset sales, he said. Freeman, who early in his career spent four years as an engineer at furnace-maker Watkins Johnson, said Aviza came into existence after ASML bought the Silicon Valley Group (SVG) ,and spun out the non-lithography assets, including the Watkins-Johnson furnace operation that SVG had acquired about 10 years ago. The furnace business at Aviza went pretty close to zero when Qimonda declared bankruptcy, and other mid-sized memory manufacturers stopped buying, Freeman said. Aviza had revenues from the Trikon etch and deposition operations, but their plan to grow that got hit hard by the business conditions in 2008 and 2009. He warned that half a dozen other equipment companies face heavy debt loads and could face a similar fate over the next year as debt-heavy companies scramble for scarce capital. He declined to name the companies on Gartners death watch, but said it includes both U.S.- and Japan-based companies facing liquidity challenges. On recent financial results conference calls with press and securities analysts, Cutini had described a long list of efforts to reduce expenses and working capital requirements, including workforce reductions, executive salary cuts, and mandatory time off for all of the companys employees. He also sought to sell the company headquarters in Scotts Valley. The company then signed up with Needham & Co. to review financial and strategic options. In its most recent quarter ending March 27, Aviza had net sales of ~$10M and a net loss of ~$5M.