Qimonda trying to raise cash
Published: Tue, Dec. 02, 2008 12:30AM
Modified Tue, Dec. 02, 2008 01:44AM
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closeFRANKFURT, GERMANY -- Qimonda AG, the memory chip company majority-owned by Infineon Technologies, said Monday it may face bankruptcy if it fails to find new investors or the cash needed to operate in the coming weeks.
Qimonda spokesman Ralph Heinrich said that if Qimonda doesn't cut costs and fails to find new capital, it could not exclude bankruptcy in 2009.
"If we don't find a partnership; if we don't reduce the cash burn; if the market doesn't improve; if we have a combination of these conditions, then we can't exclude that," he said.
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The global economic slowdown has hit computer memory chip makers hard because of lower prices and a glut of inventory.
Qimonda said it is talking with potential partner investors and that the talks are making progress.
The company employs about 12,200 workers. It said in October it would cut 3,000 jobs in the U.S. and Germany. Those cuts included about 190 of its 300 workers in Cary.
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