Siliconix Inc, Santa Clara reports that the Bankruptcy Court has approved its Disclosure Statement describing its amended Plan of Reorganisation, and the creditors’ committee is backing the plan: under the plan, the AEG Capital Corp arm of AEG AG will become an 80.1% shareholder of the company, contributing $13m of cash and cancelling a $2m secured obligation; institutional lenders, vendors and trade creditors will receive 82.5% of their claims, 20% in cash on implementation and 62.5% paid over seven years with interest; International Rectifier will receive $12.3m plus interest over 18 months and will grant the company a royalty-bearing licence under the MOSFET patents that were litigated between them, and the firm hopes to emerge from bankruptcy protection by year-end.
