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Struggling chip maker Elpida Memory Inc. has applied for a new government financial aid program in a bid to shore up its capital base and ride out a severe industry downturn, sources said.

The state-backed Development Bank of Japan is expected to extend about ¥30 billion to Elpida, while four private banks, including Bank of Mitsubishi-Tokyo UFJ, are in the final stage of talks to provide ¥80 billion to ¥90 billion in syndicated loans to the company in line with the government rescue program, the sources said.

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