Japan court approves Micron's purchase of Elpida

A Tokyo court on Thursday approved a reorganisation plan for bankrupt chipmaker Elpida that paves the way for it to be bought by US giant Micron Technology, reportedly for $2.2 billion.

Elpida said the Tokyo District Court had signed off on its restructuring blueprint, adding that "we will make efforts to steadily perform the reorganisation plan that was approved by creditors".

One of the world's top microchip makers, Elpida was delisted from the Tokyo Stock Exchange last March in the biggest corporate failure in Japanese manufacturing history.

The troubled firm, which had stayed alive thanks to a 2009 government-backed rescue plan, filed for bankruptcy protection last year with crushing debts of 448 billion yen ($4.9 billion).

The leading Japanese daily Yomiuri Shimbun reported last year that Micron may buy Elpida for about 200 billion yen ($2.2 billion), but no details were disclosed in the statement on Thursday.