Hitachi dumps Elpida shares

Elpida is finding out who it’s friends are. It’s been dumped by old pal Hitachi, which has sold its 4.7 percent share in the company.

The company is turning its back on Elpida after hearing that all its stock will be delisted in just under a month.

In fact, Hitachi seems so keen to offload that it went on a major selling spree, selling all 12.8 million shares yesterday.

The news comes just a few weeks after Elpida Memory filed for bankruptcy after seeing a five quarter on quarter declines.

Late last month it went running for cover to creditors at the Tokyo District Court where it confessed to having debts of $5.5 billion (448 billion yen).

According to Bloomberg the downhill struggle was as a result of an 85 percent fall in the price of dynamic random access memory chips as well as a stronger yen.

However, Hitachi could end up kicking itself. Earlier this month we reported that the company could make a come back in April.

It wants to look at creating a restructuring plan and get  some sponsors involved to boost the company. Early rumours suggest that its new BFFs could include Micron and Nanya.