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Article: Jazz Technologies Announces That Tower Semiconductor Has Signed Memorandum of Understanding to Restructure Tower's Debt.
- Article from:
- Business Wire
- Article date:
- August 20, 2008
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According to Tower, the MOU Provides for a $250 Million Reduction in Tower Debt, a $250 Million Increase in Tower Shareholders' Equity, a Deferral of Principal and Interest Payments and a Commitment of Additional Investment by Israel Corporation
NEWPORT BEACH, Calif. -- Jazz Technologies, Inc. (AMEX:JAZ), a leader in Analog-Intensive Mixed-Signal (AIMS) foundry solutions, which previously announced that it had signed a definitive merger agreement by which Tower Semiconductor Ltd. (NASDAQ:TSEM) (TASE:TSEM) will acquire all of the outstanding shares of Jazz in a stock-for-stock transaction, today announced that Tower has informed Jazz that Tower has signed a ...