Bondholders for bankrupt Japanese semiconductor chip maker Elpida Memory Inc. have submitted a reorganization plan to a Tokyo court that sets the value for the company at $3.85 billion, more than Micron Technology Inc. says it would pay for the company.
Bondholders said Micron's proposed purchase agreement "is totally inadequate, grossly unfair to creditors and other stakeholders and must not be allowed."
Micron agreed last month to buy Elpida for $750 million upfront and a payout of $1.75 billion in installments through 2019.
Micron did not immediately return a call Tuesday from the Idaho Statesman. Dow Jones Newswires reported Friday that Mark Durcan, Micron's CEO, said he expects the Elpida deal to go through despite concerns from creditors.