San Jose, California-based programmable logic devices specialist International CMOS Technology Inc has laid off 40% of its employees and filed for reorganisation under Chapter 11 of the US bankruptcy code. The company, which currently has between $8m and $10m total debt says it has been striving over the past year to raise additional funding to increase cash flow and capitalisation. It specialises in CMOS non-volatile memory technologies and its line includes CMOS serial EEPROMs, high speed EPROMs, and Programmable Electrically Erasable Logic devices, and the associated hardware and software development tools. It is also seeking a patent on a new flash technology that can be tailored for use with high speed memories or programmable logic. It had $14.7m sales last year but says that its sales have since declined.
