Monday, April 20, 2009

Asyst Files For Bankruptcy

Fremont-based Asyst Technologies, a publicly held provider of products for the semiconductor manufacturing industry, said Monday that the firm is filing for Chaper 11 bankruptcy. According to Asyst, the filing came as a result of the global economic recession, and because demand for its products has "declined dramatically." The bankruptcy filing came after executive salary cuts, layoffs, and other expense reductions failed to increase the firm's ability to generate enough cash flow. The firm said it is looking to disposition of its assets or other strategic alternatives while in Chapter 11. The bankruptcy also extends to Asyst's Japanese subsidiaries.