ProMOS Technologies has submitted an application to Taiwan's Ministry of Economic Affairs (MOEA) for debt negotiations with its creditor banks, according to the cash-strapped DRAM maker.

ProMOS' debts owed to banks total almost NT$60 billion (US$2 billion). The firm is seeking to settle its debts to get into a better financial position.

ProMOS also revealed that its debt-to-capital ratio climbed to 121.38% in December 2011 from 117.88% in November. It generated revenues of NT$378 million in December, hitting a new low for three straight months.

Trading of ProMOS' shares has been suspended on Taiwan's over-the-counter (OTC) stock market since September 2011, as the company did not file its half-yearly report as required. ProMOS will have to delist its shares from the OTC market if it fails to release all necessary financial statements within six months of the trading suspension.

Source:digitimes