Taipei, Nov. 13, 2012 (CENS)--Frank Huang yesterday announced his resignation as chairman of PowerChip Semiconductor Corp. (PSC) and Steve R.L. Chen, a former economics minister, will fill the vacancy left by Huang.

PSC stated in a press release that Huang, who founded the DRAM chipmaker 18 years ago, steps down to assume his responsibility for the company’s failure underscored by huge loss and debts and feels thankful to Chen’s generous help by filling the post. The two are close friends.

Industry executives thought that Chen might be able to convince PSC’s creditor banks to extend the repayment deadline of the company’s NT$40 billion (US$1.3 billion at US$1:NT$29) in syndicated loan, which will become due at yearend, with his past position as a minister.

In the third quarter, the net value of PSC stock stood at minus NT$1.36 per share. The company will be delisted from Taiwan’s stock exchange market on Dec. 11 this year.

(by Ken Liu)