MUNICH--(BUSINESS WIRE)--Significant progress has been made in the realization of the assets of insolvent Qimonda AG: Qimonda insolvency administrator Dr. Michael Jaffé and Infineon Technologies AG have agreed out of court to settle all disputes - with the exception of the pending proceedings on the grounds of economic re-establishment and so-called liability for the impairment of capital. Hence, Infineon will pay a total settlement amount of EUR 135 million and acquire all patents of Qimonda AG for a further EUR 125 million. The court proceedings initiated by the insolvency administrator of Qimonda AG against Infineon on the grounds of economic re-establishment and so-called liability for the impairment of capital will be continued at the Munich District Court.
The closing of the partial settlement agreement and the acquisition of the patent business is subject to the fulfilment of various legal conditions, and is expected to take place in the following calendar quarter. The creditors' assembly of Qimonda AG has already approved the agreement with Infineon.
"With this partial settlement, we have made significant progress in the insolvency proceedings over the assets of Qimonda AG. We were able to find a solution for key aspects of the proceedings and in the interest of our creditors ensure a considerable increase in the estate," said insolvency administrator Dr. Michael Jaffé.
Up until the opening of insolvency proceedings in April 2009, Qimonda AG had been one of the largest memory chip manufacturers in the world. Its patent portfolio comprises patents and patent applications worldwide. The intellectual property rights relate to inventions relevant to the semiconductor, computer and telecommunications industry. In the course of the insolvency proceedings, the portfolio was initially marketed successfully through licensing before being offered to the market through an international sales process.
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The most noted insolvency proceedings handled by Dr Michael Jaffé both nationally and internationally, in addition to Qimonda, include the KirchMedia group and the German subsidiaries of the Petroplus Group, the largest independent refiner and wholesaler of petroleum products in Europe. Over the last years, Dr Jaffé also successfully restructured caravan manufacturer Knaus Tabbert along with such other businesses as Grob Aerospace and Cinterion Wireless Modules Holding GmbH. Most recently, he effectively managed to save Kaiser GmbH, a key supplier of the international automobile industry with a workforce of 640 people, from the brink of insolvency and find a suitable investor.
In recent weeks, Dr. Michael Jaffé was also appointed as the preliminary insolvency administrator of Stadtwerke Gera AG and its subsidiary, Geraer Verkehrsbetrieb GmbH. This is the first case of insolvency of a public utility company in Germany.
JAFFÉ Rechtsanwälte Insolvenzverwalter was founded by Dr. Jaffé as a law firm that today is a leading specialist in the field of insolvency administration, insolvency law, procedural law and the related areas of law in Germany. It has currently appointed 35 lawyers at eight locations in six German states. Since the introduction of the ESUG law on 1 March 2012 which governs the further facilitation of the restructuring of companies, Dr Jaffé and other lawyers in the firm have also frequently been appointed as trustees.
End of Media Release
Dr. Michael Jaffé, Rechtsanwalt
Insolvency administrator of Qimonda
AG, Munich