ProMOS tender succeeds after criteria amended

The Taiwan memory-chip maker says 80.34% of the CBs were tendered or will be held to maturity, allowing it to move on to the next phase of its restructuring.

The management of ProMOS Technologies likely breathed a sigh of relief yesterday after the Taiwan memory-chip maker completed the tender offer for its zero-coupon convertible bond due 2012, clearing the first hurdle in its quest to remain an operating company. The acceptance rate squeezed past the 79% minimum after the final deadline was extended by six days to last Friday and the minimum guaranteed payment for those who tendered by then was raised to 25 cents on the dollar...

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