Conexant has pre-packaged Chapter 11 filing

02/28/2013 | Reuters

Conexant Systems filed Thursday for Chapter 11 protection from creditors, blaming its financial woes on weakness in the semiconductor market and an accumulation of "dead leases" for real estate. In the pre-arranged filing, the chipmaker will receive debtor-in-possession financing of $15 million from QP SFM Capital Holdings, which plans to convert about $195 million in secured debt it holds in Conexant into equity of the reorganized company.

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