Spansion emerges from Chapter 11
Spansion has emerged from Chapter 11 bankruptcy in a more profitable position following investment by Silver Lake Sumeru, a middle market investment group of private equity firm Silver Lake.
The NOR flash memory chip manufacturer filed for Chapter 11 bankruptcy protection in March 2009. The company said in April that a court overruled objections to its plan to reorganise and said Monday that it completed its reorganisation.
Spansion started its reorganisation with more than $1.5billion in debt and now has under $480mn in debt as well as $230mn in cash and a $65mn credit line.
Silver Lake Sumeru said it will name two Spansion board members in a bid to streamline its business. The company said last year that it would focus on flash memory products, internet protocol services and profitable parts of its wireless division.
