TOKYO (Reuters) - Creditors of failed Japanese chipmaker Elpida Memory Inc have agreed to forgive 70 percent of 420 billion yen ($5.3 billion) of debts, the Nikkei business daily reported, without saying where it got the information from.

Elpida, the country's only maker of Dynamic Random Access Memory chips, filed for bankruptcy protection in February with more than 400 billion yen of liabilities.

The company, which also produces chips used in smartphones and tablets, has been in exclusive talks with Micron Technology , which is seeking to buy the Japanese chipmaker.

Micron has agreed to pay a total of 200 billion yen to acquire Elpida, of which as much as 140 billion yen will be used to repay debt, the Nikkei said.

Elpida will submit its restructuring plan to the Tokyo district court by August 21, according to the report. ($1 = 79.3100 Japanese yen)

(Reporting by Junko Fujita; Editing by Ryan Woo)