Flash Memory Major Spansion Japan Ltd. Files for Corporate Restructuring
Spansion Inc., announced that its Japanese subsidiary, Spansion Japan Ltd., has entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan. Spansion Japan Ltd. voluntarily chose to enter the proceeding to obtain protection from its creditors while it continues its restructuring efforts. This action does not include any of Spansion's other subsidiaries or their operations outside of Japan.
Spansion Inc. does not expect the filing in Japan to materially affect its global operations. Spansion Japan Ltd. will continue its operations and intends to pay, in a timely manner, for all goods and services that it obtains after the date of filing.
"We intend for Spansion Japan to continue to operate throughout the restructuring period," said John Kispert, Spansion's president and CEO. "Our Japanese operations have sufficient cash on hand to meet their immediate, short-term working capital needs and we plan to maintain our high standards of excellence and our commitments to product quality, safety and outstanding customer service."
Spansion Reports Progress on U.S. Restructuring Efforts
Spansion also announced that it is in active discussions with an ad hoc committee representing holders of its $625 million Senior Secured Floating Rate Notes due 2013 about restructuring the company's balance sheet as well as potential strategic transactions.
"We are making progress in our constructive discussions with an ad hoc committee of secured noteholders, to find a mutually beneficial agreement as we seek to resolve Spansion's capital structures," said Kispert, who joined Spansion as its president and CEO last week with the goal of positioning the company to reach sustainable profitability and/or to successfully complete a strategic transaction.
Spansion Japan's entry into the Corporate Reorganization proceeding is an event of default under certain of Spansion Japan's and Spansion LLC's debt instruments.
Spansion (Nasdaq: SPSN) is a leading Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. For more information, visit http://www.spansion.com.
Latest News Posts
- Cyberpunk 2077 release date reveal won't happen in 2017
- New 'Planet of the Apes' trailer promises 'War'
- Destiny 2's 'dramatic and compelling' storyline revealed
- They did it! SpaceX launches and lands re-used rocket
- Joss Whedon's 'Batgirl' set to enter DC film universe
- No audio from monitor when using capture device
- iStorage datAshur Pro 8GB Encrypted Flash Drive Review
- GA-EP45-UD3R having wierd issues with 8 GB RAM
- ROCCAT SUORA FX Mechanical Gaming Keyboard Review
- AORUS GeForce GTX 1080 Xtreme Edition 8G Review
- CD PROJEKT summarizes its 2016 financial results
- Destiny 2 announced: blockbuster sequel to the biggest new console video game franchise launch of all time set for September 8
- MSI announces frosty limited edition Trident 3 Arctic gaming PC
- ADATA adds the i-Memory AI920 jet black flash drive
- FinalWire releases AIDA64 Extreme 5.90 benchmark software