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October 12, 1998

STORMEDIA FILES FOR CHAPTER 11

By CBR Staff Writer

StorMedia Inc, the Santa Clara-based thin film disk drive maker, has filed for Chapter 11 bankruptcy protection, and substantially cut its operations in all locations. The company has locations in Singapore and Kulim, Malaysia, as well as Santa Clara. StorMedia, whose customers include Iomega Corp and Seagate Technologies Inc, has been badly hit by the downturn in the storage industry, and was directly affected last year by the demise of one of its largest customers, Micropolis Corp, from which it derived some 20% of its revenues (CI No 3,301). StorMedia had hoped to replace that business through new contracts from Samsung Corp and Western Digital Corp, both of whom have also since hit hard times.

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