Chipmaker Conexant Systems Inc. filed a pre-packaged chapter 11 nearly two years after it went private, hurt by declining revenue, increasing costs and higher debt load, Reuters reported today. Conexant Systems said that its sole secured lender, QP SFM Capital Holdings Ltd, an entity managed by Soros Fund Management LLC, will provide $15 Million in debtor-in-possession financing. As part of the restructuring, QP SFM Capital Holdings will exchange about $195 million of secured debt into equity in the reorganized company. The case is Conexant Systems Inc., Case No. 13-10367, U.S. Bankruptcy Court, District of Delaware.
