AMD announces a big strategic turn in the hope of saving itself

It is not a secret that AMD that is chronically losing money and does not have the means of a a face-to-face fight with Intel which surfs from success to success.
The company has announced a new turn that is without precedent for a chipmaker of this size; the selling off of its production factories.
This business is somewhat convoluted since these factories will pass under control of a new entity where 44.4% will be held by AMD and 55,6% by ATIC, an investment fund based in Abou Dhabi. In exchange of these shares in the company, with the provisional name of TFC (The Fondry Company), AMD, among other things, will get rid of 1,2 billion dollars of debts on its production equipment.
ATIC is also engaged to invest several billion in the next years in an evolution of the production equipment.
Thus, disencumbered by this large part of its problems, AMD hopes to be able to focus itself on R&D of processors and to make up its delay on Intel.