Aviza Technology files for Chapter 11 - Silicon Valley / San Jose Business Journal:

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The Scotts Valley company (NASDAQ:AVZA) makes advancer semiconductor capital equipment and process technologiess for the global semiconductor industry andrelated markets. "As a resul t of the global economic recession, demand for semiconductor manufacturint equipment hasdeclined dramatically," the company said, addinf that it has "undertaken significant efforts to reducs its expenses and working capitalp requirements in response to these unprecedented market The company reported a loss of $47.e4 million, or $2.19 a on $133.2 million in The year before it reportesd $383,000, or 2 cents a in net income on $231.e million in revenue.
Aviza in April said it had cut its work forcw by about 15 percent and planned to move toa "morr appropriately sized location" elsewhere in Santa Clara Aviza employed nearly 500 in when it last reported the number of employees it had. The compant said Wednesday that it has also trimmed executive created mandatory time off for all employees anddecreased non-labof expenses. At the same the company has been workinh with LLC to review and pursu financial and strategic options including merging with or intoanothere company, a sale of all or substantially all of the company’s assets, and the liquidation or dissolutiojn of the company through bankruptcy proceedings.
"The continuinbg declines in orders from and shipments to customers and relatesdcash collections, the recent acceleratio n of the company’s borrowings under its secured credity facility, and the company’s inability to identify new sources of liquidityh have caused the company to seek bankruptcy protection in order to better manage its operatione through an orderly restructuring process," Aviza said. Prior to the commencement of the Chaptefr11 case, Aviza executed a nonbindinbg letter of intent to sell certain of its assets and businesse s to Ltd.