According to Reuters, the group has raised $383 million to give Elpida a loan to help it restructure.
If Elpida accepts the loan then it may not have to be bought out by Micron.
According to Reuters the loan offer by the bond holders will be presented to the Tokyo District Court today.
Elpida is bankrupt and Micron has offered to buy the chipmaker for $750 million. The bondholders are furious, saying that it undervalues the company's assets. The group, which has not identified its members, believed Elpida was worth $3.82 billion dollars.
But the company, which is Japan's last remaining DRAM maker, has had several bail out plans before the government washed its hands of the company.
The Micron deal means that creditors will get paid
Micron had agreed to acquire Elpida equity and promised to pay creditors $1.78 billion in annual instalments until 2019.
The shareholders insist that Elpida could restructure itself on its own, but it will seek an alternative financial sponsor who would be willing to inject cash, the source said.