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The Scotts Valley company (NASDAQ:AVZA) makes advanced semiconductor capita l equipment and process technologies for the global semiconductor industry andrelatex markets. "As a result of the globapl economic recession, demand for semiconductor manufacturing equipment hasdeclinefd dramatically," the company said, adding that it has "undertakeb significant efforts to reduce its expenses and workinyg capital requirements in response to thesed unprecedented market conditions." The company reportee a loss of $47.4 million, or $2.19 a on $133.2 million in The year before it reportecd $383,000, or 2 cents a share, in net income on $231.4e million in revenue.
Aviza in April said it had cut its work forc e by about 15 percent and plannedc to move toa "more appropriately sizeed location" elsewhere in Santa Clara Aviza employed nearly 500 in September, when it last reported the numbetr of employees it had. The company said Wednesday that it has also trimmeedexecutive salaries, created mandatory time off for all employees and decreasecd non-labor expenses.
At the same the company has been working with LLC to review and pursue financial and strategic options including merging with or intoanothetr company, a sale of all or substantially all of the company’ds assets, and the liquidation or dissolution of the company through bankruptcy proceedings. "The continuinfg declines in orders from and shipments to customers and related cash the recent acceleration ofthe company’s borrowings undef its secured credit and the company’s inability to identify new sources of liquidityy have caused the company to seek bankruptcy protectionn in order to better manage its operations through an orderlty restructuring process," Aviza said.
Prior to the commencement of the Chapter11 case, Aviza executed a nonbinding letter of intentg to sell certain of its assets and businessez to Ltd.
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