6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2008

Commission File Number: 000-29103

STATS CHIPPAC LTD.

(Translation of registrant’s name into English)

10 Ang Mo Kio Street 65
#05-17/20 Techpoint
Singapore 569059
(65) 6824-7777

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
þ Form 20-F     o Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: o Yes     þ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  Not applicable. 

TABLE OF CONTENTS

Ex-99.1 Release of STATS ChipPAC Ltd. dated May 22, 2008.

Other Events

On May 22, 2008, STATS ChipPAC Ltd. (the “Company”) issued a release announcing that Singapore Technologies Semiconductor Pte Ltd, the holder of all of the Company’s outstanding $134.5 million principal amount of 2.5% convertible subordinated notes due 2008, has exercised its rights to convert all the notes into 145.1 million ordinary shares of the Company. A copy of the release dated May 22, 2008 is attached hereto as Exhibit 99.1.

Exhibit

99.1 Release of STATS ChipPAC Ltd. dated May 22, 2008.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 22, 2008

STATS CHIPPAC LTD.
By:	/s/ Tan Lay Koon
Name:	Tan Lay Koon
Title:	President & Chief Executive Officer
By:	/s/ John Lau
Name:	John Lau
Title:	Chief Financial Officer

EXHIBIT INDEX

99.1 Release of STATS ChipPAC Ltd. dated May 22, 2008.

EX-99.1

Exhibit 99.1

STATS ChipPAC Announces Exercise of
Conversion Right by Holder of its 2.5% Convertible
Subordinated Notes due 2008

United States — 05/21/2008, Singapore — 05/22/2008 — STATS ChipPAC Ltd. (“STATS ChipPAC” or the “Company” — SGX-ST: STATSChP), a leading semiconductor test and advanced packaging service provider, today announced that Singapore Technologies Semiconductors Pte Ltd (“STSPL”), the holder of all of the Company’s outstanding $134.5 million principal amount of 2.5% convertible subordinated notes due 2008 (the “2.5% Convertible Notes”), has exercised its right to convert all the 2.5% Convertible Notes into 145.1 million ordinary shares of the Company. The Company expects to issue and deliver to STSPL the ordinary shares issuable upon conversion of the 2.5% Convertible Notes on or about May 28, 2008.

About STATS ChipPAC Ltd.

STATS ChipPAC Ltd. (“STATS ChipPAC” or the “Company” —SGX-ST: STATSChP) is a leading service provider of semiconductor packaging design, assembly, test and distribution solutions in diverse end market applications including communications, digital consumer and computing. With global headquarters in Singapore, STATS ChipPAC has design, research and development, manufacturing or customer support offices in 10 different countries. STATS ChipPAC is listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Further information is available at www.statschippac.com. Information contained in this website does not constitute a part of this release.

Investor Relations Contact:

Tham Kah Locke
Vice President of Corporate Finance
Tel: (65) 6824 7788, Fax: (65) 6720 7826
email: kahlocke.tham@statschippac.com

Media Contact:

Lisa Lavin
Deputy Director of Corporate Communications
Tel: (208) 939 3104, Fax: (208) 939 4817
email: lisa.lavin@statschippac.com

STATS ChipPAC Ltd.
Company Registration No.: 199407932D
Headquarters: 10 Ang Mo Kio Street 65, #05-17/20 Techpoint,
Singapore 569059
www.statschippac.com