Despite the fact that it is bankrupt, Japanese chipmaker Elpida claims that it is down but not out.
According to the Japan Times, Elpida plans to craft a restructuring plan by April which could allow it to continue in a reduced form.
After a meeting with the company's creditors, President Yukio Sakamoto, said that Elpida will choose a sponsor soon to help rebuild Japan's sole manufacturer of dynamic random-access memory chips used in personal computers and other devices
More than 800 people who are owed money by Elpida were at the meeting. Sakamoto said sorry for the failure while informing them that several companies have offered to help Elpida.
But despite this help, the people at the meeting were not so certain that the company would be able to agree who would be the best help to take.
Other creditors are more concerned about getting their money back rather than any rescue deal and they might press for assets to be sold off to the highest bidder.
Certainly a restructured Elpida would still have a problem taking on the fierce competition and over supply in the DRAM industry. Particularly when the industry is tipped to stabilise itself thanks to Elpida's troubles.