HONG KONG -- Surface Mount Technology (Holdings) Ltd. today said negotiations with a potential investor that could keep the company out of bankruptcy are ongoing and it expects definitive agreements will be signed in October.

The announcement updated an Aug. 4 statement whereby the Top 50 contract electronics manufacturer felt the restructuring proposal would be entered into within September.

The EMS firm has been beset with financial problems and is closing plants and laying off one-third of its staff.

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