South Korean chipmaker MagnaChip Semiconductor has emerged from bankruptcy protection in the United States as it was acquired by U.S. funds managed by Avenue Capital Management, Yonhap News reported Saturday.
The exit came about five months after MagnaChip's U.S. parent filed for bankruptcy amid falling revenue, Yonhap said.
In a statement, MagnaChip Chief Executive Officer Park Sang-ho said the company is "financially robust and ready to continue executing our growth plan."
MagnaChip was acquired by a unit of Citigroup Inc. in 2004 after spinning off from Hynix Semiconductor Inc.