Japanese chipmaker Elpida files for bankruptcy

TOKYO (AP) ? Japanese computer chipmaker Elpida Memory Inc. is filing for bankruptcy after racking up massive debts from nose-diving prices.

Elpida, the only maker in Japan to specialize in chips called DRAM, reported debt of 448 billion yen ($5.5 billion) in filing for bankruptcy at Tokyo District Court on Monday.

That was the largest ever for a bankruptcy in Japan in the manufacturing field, according to Teikoku Databank, which compiles such information.

Elpida, set up in 1999 as a joint venture between Japanese electronics companies NEC Corp. and Hitachi Ltd., has been struggling for years to close the gap with rival Samsung Electronics Co. of South Korea.