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
- The Witcher 3 receives a new 15GB patch, with a 13-page changelog
- Uber hack in early 2014 allegedly traced back to the CTO of Lyft
- Light's new camera has 16 camera sensors, takes 52-megapixel photos
- HP unveils its new 34-inch curved all-in-one 'Envy' PC
- Netflix increases its $8.99 per month plan to $9.99 per month
- Got a Gaming 9 ACK X99S MSI MB to trade ..
- Bootloop Issue with GA-Z97N-WiFi even after RMA
- D-Link DCH-S160 mydlink Wi-Fi Smart Home Water Sensor Review
- ga-z170x-UD5 m.2 raid and intel rst drivers will not let me install windows to the raid
- X99 Extreme 4 and Thunderbolt
- EVGA Gives Away Free Cooler Shroud Replacement to its HYBRID Series Owners
- Shuttle Offers Value Priced XPC Nano Small Form Factor PC
- MSI Announces the DS502 7.1 Gaming Headset with Active Noise-Cancelation
- Netgear Introduces Quad-Mode Business-Class Wireless-AC Access Points
- Nokia announces planned leadership and organizational structure for combined Nokia and Alcatel-Lucent