The U.S. Bankruptcy Court confirmed Aviza Technology’s revised Plan of Liquidation. The Plan provides for the consolidation of all assets and all liabilities of ATI, Aviza and TTI into a single estate as of the effective date of the Plan. The consolidation of the estates eliminates any inter-company claims between the three Debtors not previously cancelled as well as the guaranties of the obligations of one Debtor by either of the others. Consolidation also ensures that multiple and duplicative claims filed against more than one Debtor will not improperly receive more than one distribution. The Court approved the sale of certain of the assets of the Debtors and the assets and stock of certain of their direct and indirect subsidiaries to Sumitomo Precision Products. The purchase transaction closed on October 16, 2009, and the consideration, valued by the Debtors at approximately $60 million, included cash, certain promissory notes and the assumption of certain liabilities. The Debtors’ Plan will be implemented by distributing cash received from the promissory notes, liquidation of the Debtors’ remaining assets and the wind down and upstreaming of cash by direct and indirect subsidiaries of ATI to the Debtors.
