Rexchip Electronics, the Taiwan-based production subsidiary of Japan's Elpida Memory, will likely get delisted from the local emerging stock market if the firm fails to find new underwriters.

Cathay Securities and Grand Cathay Securities have both terminated their contracts with Rexchip. The absence of advisory securities firms will prompt the trading of Rexchip's shares to be suspended on Taiwan's Emerging Stock Board (ESB).

Rexchip started to list on Taiwan's ESB in April 2010.

Rexchip president Stephen Chen was quoted in previous reports saying the company's approximately NT$15 billion (US$513 million) worth of debts due in 2012 would be repaid on schedule. The firm managed to pay off a NT$2.6 billion debt in August, and another NT$2.1 billion in September.

Rexchip reportedly is negotiating with bank creditors for an extension on repayments due in November.