ProMOS attempts CB buyback after failing to meet puts

The Taiwanese DRAM manufacturer secures a syndicated loan to cover a tender at 26.5 cents on the dollar, but more debt redemptions ahead suggest the company's troubles are not over.

ProMOS Technologies is joining a growing list of Asian companies trying to restructure their debts to ease the pressure imposed by falling equity and bond prices as well as difficult operating conditions. According to a statement issued Friday, the Taiwanese memory chip maker is offering to buy back all its outstanding zero-coupon convertible bonds due 2012 at a maximum price of 26.5 cents on the dollar. If all bondholders were to accept the offer it will cost the company...

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