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June 10, 2009 (FinancialWire) -- Aviza Technology, Inc. (NASDAQ: AVZA | Quote | Chart | News | PowerRating) (Current Market Cap: US$2.23 Mil.) and its Aviza, Inc. and Trikon Technologies, Inc. subsidiaries have filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code.
The company said that demand for the semiconductor manufacturing equipment it makes has "declined dramatically" as a result of the global economic recession. The company has taken various steps over the past several months to reduce its expenses and working capital requirements in response to market conditions. It has reduced its work force reductions, imposed executive salary cuts and mandatory time off for all of the company's employees, among other measures.
Aviza has been working with Needham & Co. to review and pursue financial and strategic options for the company. However, Aviza's has seen a continuing decline in orders, shipments to customers and related cash collections. The company recently accelerated borrowings under its secured credit facility, and has been unable to identify new sources of liquidity.
Prior to the launch of the Chapter 11 case, Aviza said executed a nonbinding letter of intent to sell certain of its assets and businesses to Sumitomo Precision Products Co. Through the bankruptcy proceedings, the company plans to pursue its proposed strategic transaction with SPP and effectuate other significant asset sales.
Aviza said it expects to continue essential operations, including product support, service and warranty programs, during this process.
Scotts Valley, California-based Aviza Technology designs, manufactures, sells and supports semiconductor capital equipment and process technologies for the global semiconductor industry and related markets.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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