Newport Beach-based chipmaker Conexant Systems Inc. filed for Chapter 11 bankruptcy protection Thursday morning in Delaware.
The company said it has reached an agreement on a pre-packaged restructuring plan with owners and its sole secured lender, QP SFM Capital Holdings Ltd.
QP SFM is a unit of Soros Fund Management LLC, a New York-based hedge fund owned by billionaire George Soros.
The package calls for QP SFM to convert $195 million of secured debt into equity and become the majority owner.
Conexant saw revenue of $135 million in 2012.