Genesis Technology goes bust

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Genesis Technology Inc, which designs, assembles and tests semiconductor chips, filed for court protection from creditors under the Civil Rehabilitation Law on Thursday, leaving debts of 11,264 million yen.

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The bankruptcy filing by the company, which is listed on the Tokyo Stock Exchange’s second section, was made at Kobe District Court.

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Genesis Technology, which was founded in 1987, logged sales of 12.9 billion yen and a recurring profit of 1,032 million yen in the year through March 2006, the year it was listed on the TSE.

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But the company’s sales later deteriorated due to production control by chipmakers and falling chip prices.

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In the year through March 2008, Genesis Technology reported a net loss of 4,873 million yen.

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The company plans to seek a sponsor for its rehabilitation.

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