Micron Technology Inc. has moved a step closer to acquiring Elpida Memory Inc. after a Tokyo court approved a reorganization plan for the bankrupt Japanese memory chip company.

The reorganization would make Elpida a wholly-owned subsidiary of Micron and follows a vote by creditors approving the plan.

“This is an important milestone that brings us a significant step closer to Micron and Elpida becoming the world's second largest memory company,” said Micron CEO Mark Durcan.

Micron’s acquisition of Elpida will give the tech company a larger share of the market for dynamic random access memory used in PC's and mobile devices. It will also give the company access to mobile technology that will help Micron better compete in the smart phone and tablet markets.