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The Scotts Valley company (NASDAQ:AVZA) makes advanced semiconductord capital equipment and process technologies for the global semiconductor industry andrelated markets. "As a resuly of the global economivc recession, demand for semiconductor manufacturing equipmenft hasdeclined dramatically," the company said, adding that it has "undertaken significant efforts to reduce its expenses and working capitapl requirements in response to thesed unprecedented market conditions." The company reportec a loss of $47.4 or $2.19 a share, on $133.2 million in The year before it reported $383,000, or 2 cents a in net income on $231.4 million in revenue.
Aviza in Apri said it had cut its work forcde by about 15 percent and planned to move toa "more appropriately sized elsewhere in Santa Clara County. Aviza employed nearly 500 in September, when it last reportedr the number of employeesit had. The company said Wednesdauy that it has also trimmedexecutive salaries, created mandatoryt time off for all employees and decreased non-labofr expenses.
At the same time, the compan y has been working with LLC to review and pursuse financial and strategic options includinh merging with or intoanother company, a sale of all or substantiallh all of the company’s assets, and the liquidatioh or dissolution of the companyu through bankruptcy proceedings. "The continuing declinees in orders from and shipments to customers and relatedxcash collections, the recent accelerationn of the company’s borrowings under its secured credit and the company’s inability to identify new sources of liquidityu have caused the company to seek bankruptcy protectionj in order to better manage its operations through an orderluy restructuring process," Aviza said.
Prior to the commencemeng of the Chapter11 case, Aviza executed a nonbindingb letter of intent to sell certain of its assetas and businesses to Ltd.
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