The management of ProMOS Technologies likely breathed a sigh of relief yesterday after the Taiwan memory-chip maker completed the tender offer for its zero-coupon convertible bond due 2012, clearing the first hurdle in its quest to remain an operating company. The acceptance rate squeezed past the 79% minimum after the final deadline was extended by six days to last Friday and the minimum guaranteed payment for those who tendered by then was raised to 25 cents on the dollar from 20 cents.
While this makes ProMOS the first Asian company of size to successfully complete a CB buyback for distressed reasons this year, the company has another NT$19.2 billion $555 million of...
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