Qimonda insolvency administrator brings action against Infineon

Infineon Technologies AG  / Key word(s): Legal Matter

02.12.2010 10:05

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The insolvency administrator dealing with the bankruptcy estate of Qimonda
AG, Dr. Michael Jaffé, has filed an action in the District Court Munich I
seeking a declaratory judgment against Infineon in an unspecified amount.

The action asserts that, in connection with the carve-out of the memory
business to Qimonda AG, Infineon utilized a previously formed shell company
and 'economically re-established' this company through the transfer of the
memory business. The action further asserts that Infineon neglected to
provide the company register with the declaration required by German
company law in these circumstances and that, as a consequence of the
alleged breach of this register-related legal formality, Infineon is
obliged to refund to Qimonda the amount by which the actual company assets
of Qimonda at the time insolvency proceedings were opened were less than
Qimonda's equity capital (i.e, a liability for impairment of capital). The
action seeks to establish a basic obligation to pay on the part of
Infineon, as the administrator does not currently consider himself to be in
a position to put a concrete figure on the amount of his alleged claim.

Infineon regards the action as without merit, based on the expert opinions
of a prominent law firm and a respected professor of jurisprudence. The
requirements for the 'economic re-establishment' of a shell company were
not present in these circumstances. The contribution of the memory business
to Qimonda AG was carried out in compliance with all register-related
requirements and no objection was raised by the competent court at the time
of the carve-out. Even if the requirements for the 'economic
re-establishment' were present, the legal consequences asserted are
entirely disproportionate as the action merely claims the omission of a
register-related formality. Infineon had refuted the circumstances alleged
and the legal consequences deriving from these already before the action
was brought and intends to defend itself vigorously against this action
through all stages of the proceedings.

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Language:     English
Company:      Infineon Technologies AG
              Am Campeon 1-12
              85579 Neubiberg
Phone:        +49 (0)89 234-26655
Fax:          +49 (0)89 234-955 2987
E-mail:       investor.relations@infineon.com
Internet:     www.infineon.com
ISIN:         DE0006231004
WKN:          623100
Indices:      DAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Stuttgart, Hannover, Hamburg, München, Düsseldorf;
              Terminbörse EUREX
End of Announcement                             DGAP News-Service

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