Taiwan banks loan ProMOS cash

SUFFERING chipmaker ProMOS has been chucked a lifeline by Taiwanese bankers to the tune of $88.23 million.

However the money is a fair bit short of the cash that the memory chip maker would need to cover the redemption of $330 million worth of overseas convertible bonds it issued in 2007.

ProMOS is chatting with other DRAM makers including Elpida Memory to consolidate in what they are calling the industry's worst downturn since 2001. µ

L'INQ
AP