Conexant Systems is a spin-off of former conglomerate Rockwell International Corporation. Established in 1999, Conexant was based in Newport Beach, California. Conexant specialized in microchips and other semiconductor products. In 2013, after a 30% decline in revenue in 2011 and after losing its main customer in Eastman Kodak Company (which also filed for bankruptcy), Conexant was forced to file for Chapter 11 bankruptcy with $195 million in secured debt. The entirety of Conexant’s equity was given to QP SFM Capital Holdings (a unit of Soros Fund Management) as part of the terms of bankruptcy. Conexant’s consistent decline in revenue is explained by a variety of factors: over expansion, the dot-com bubble, and an enormous debt-servicing burden. Immediately after separating from Rockwell, Conexant went on a purchasing spree, acquiring seven companies for almost $2 billion in 11 months. Additionally, after the market crashed in 2000, many of Conexant’s clients (such as the networking equipment vendors Nortel and Lucent) opted out of purchasing from Conexant.


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