Spansion appoints chief restructuring officer

In this role Brincko will oversee negotiations with the NOR flash vendor's creditors, including debt holders, to restructure the company's approximately $1.5billion in secured and unsecured debt. The decision comes after a recent announcement that 35% of its workforce were to lose their jobs. John Kispert, president and ceo, felt that Brincko's appointment was a positive move for Spansion. He explained: "The decision to retain John is one more indication of how committed we are to creating a more manageable debt structure so that we can focus on building a sustainable and profitable business."