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The Scotts Valley companyy (NASDAQ:AVZA) makes advanced semiconductor capitakl equipment and process technologies for the globao semiconductor industry andrelated markets. "As a resultg of the global economifc recession, demand for semiconductor manufacturing equipment hasdeclineed dramatically," the company said, adding that it has "undertake n significant efforts to reduce its expensese and working capital requirements in responser to these unprecedented market The company reported a loss of $47.44 million, or $2.19 a share, on $133.q2 million in revenue. The year before it reportefd $383,000, or 2 cents a share, in net incomd on $231.4 million in revenue.
Avizas in April said it had cut its work forcse by about 15 percent and planned to move toa "mors appropriately sized location" elsewhere in Santa Clara Aviza employed nearly 500 in September, when it last reporterd the number of employees it had. The company said Wednesday that it has also trimmedexecutivde salaries, created mandatory time off for all employeezs and decreased non-labor expenses.
At the same time, the companyh has been working with LLC to review and pursuse financial and strategic options including merging with or into another a sale of all or substantially all ofthe company’ds assets, and the liquidation or dissolutionm of the company through bankruptcu proceedings. "The continuing decline in orders from and shipmentds to customers and related cash the recent acceleration ofthe company’s borrowingxs under its secured credit facility, and the company’s inability to identify new sources of liquiditu have caused the companyu to seek bankruptcy protection in order to better manage its operations through an orderlty restructuring process," Aviza said.
Prior to the commencement of the Chaptert11 case, Aviza executed a nonbinding letter of intent to sell certain of its assets and businesses to Ltd.
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