Qimonda insolvency administrator quantifies claims against Infineon
This request is in addition to his action for a declaratory judgment in an unspecified amount (see Infineon news release of December 2, 2010).In his request for payment on the grounds of economic re-establishment the insolvency administrator is seeking payment of at least Euro 1.71 billion, plus interest.The insolvency administrator is also basing a substantial part of his alleged payment claims on so-called liability for impairment of capital. In this regard, the insolvency administrator claims that the value of the memory business contributed to Qimonda AG as a non-cash contribution in connection with two capital increases in the spring of 2006 was not only not equivalent to the price of the new shares issued in return, namely Euro 600 million in total, but was actually negative. The company’s 2011 annual report already mentioned that in August 2011 the insolvency administrator had lodged claims out of court for an unspecified amount based on liability for impairment of capital.As already indicated in the ad hoc notification of December 2, 2010, Infineon is of the opinion that the claims for alleged economic re-establishment are unjustified. The insolvency administrator’s assertions about alleged liability for impairment of capital run contrary to two valuations made in preparation for the capital increases by two independent auditing companies – one by auditors commissioned by Infineon and the other by auditors appointed by the court to audit the non-cash contributions and perform a post-formation audit.The auditor commissioned by Infineon concludes in its valuation that the value of the memory business is many times the amount for which the shares were issued. The court-appointed auditor confirmed to the court that the minimum issue price of the shares was covered by the value of the non-cash contributions, whereupon the capital increases were entered in the company register by the register court.Together with independent auditors, Infineon has once again made a detailed examination of the value of the non-cash contribution, will continue to vigorously defend itself against the claims, and remains confident about the outcome of this lawsuit.