Davis Polk is advising Elpida Memory, Inc., a debtor in a corporate reorganization proceeding filed in Japan, in connection with obtaining provisional relief and recognition under Chapter 15 of the U.S. Bankruptcy Code of its Japanese proceeding.

With headquarters in Tokyo, Japan, Elpida is a leading manufacturer of Dynamic Random Access Memory (DRAM) integrated circuits. DRAM is used in many devices, including personal computers, servers, mobile devices and digital consumer electronics.

For the fiscal year ending March 31, 2011, Elpida disclosed an aggregate amount of indebtedness of approximately ¥448 billion ($5.36 billion approx.) on its balance sheet. Elpida has, since late last year, been in discussions with its financial creditors to restructure its loans. As part of that process, on February 27, 2012, Elpida filed a petition for the commencement of a reorganization proceeding in Japan and, on March 19, 2012, Elpida commenced a Chapter 15 ancillary case in the U.S. Bankruptcy Court for the District of Delaware.

The Davis Polk team is led by partner Theodore A. Paradise (corporate) and counsel James I. McClammy (litigation) and Giorgio Bovenzi (cross-border bankruptcy). The team includes litigation partner Anthony I. Fenwick and litigation associates Jonathan D. Newton, Shiwoong Kim, Bernard Chen Zhu, and Kahlil C. Williams (not yet admitted), and corporate associates Hiroshi Sugiyama and Angela Doolan, legal manager Yuji Igarashi, and foreign temporary associate Yohei Yamada. Marguerite M. Melvin and Elliot C. Law are the bankruptcy legal assistants. Members of the Davis Polk team are based in the New York, Tokyo and Menlo Park offices.

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