According to bankruptcy court documents, chipmaker Conexant Systems filed for pre-arranged Chapter 11 bankruptcy protection two years after it went private, hurt by declining revenue, increasing costs and higher debt load.

Conexant Systems said its sole secured lender, QP SFM Capital Holdings, an entity managed by Soros Fund Management, will provide $15 Million in debtor-in-possession financing.

According to court documents, Conexant Holdings is 79.8% and 19.9% owned by Golden Gate Capital and August Capital, respectively.

Kirkland & Ellis is acting as legal counsel for the debtors. Klehr Harrison Harvey Branzburg is acting as bankruptcy co-counsel and
Alvarez and Marsal North America is acting as restructuring advisor.