• Kyodo

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Semiconductor maker Elpida Memory Inc. said Friday the Tokyo District Court will initiate rehabilitation procedures for it and its Akita Elpida Memory Inc. unit, both of which filed for bankruptcy protection Feb. 27.

Adopting a debtor-in-possession rehabilitation that allows the firm’s present directors to retain control of the firm, the court named Elpida President Yukio Sakamoto and a lawyer as bankruptcy receivers.

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