Electronics Production | March 17, 2009
Spansion appoints Chief Restructuring Officer
Spansion has retained John P. Brincko as Chief Restructuring Officer (CRO). As CRO, Mr Brincko will oversee negotiations with Spansion's creditors, including debt-holders, to restructure the company's approximately $1.5 billion in secured and unsecured debt.
On March 1, 2009, Spansion voluntarily filed for reorganization under chapter 11 of the U.S. Bankruptcy Code to strengthen its capital structure and focus its business for long-term success. "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," said Spansion President and CEO John Kispert. "John has a tremendous track record and we are expecting him to play a key role in revitalizing Spansion." Mr Brincko has more than 35 years of executive, financial and operational management experience. His major assignments have included: CEO of CalComp Technology (Lockheed Martin publicly held subsidiary); president and COO of Barneys New York; CEO of Mossimo. Spansion, Spansion LLC, Spansion Technology LLC, Spansion International, Inc. and Cerium Laboratories LLC filed their voluntary petitions for relief under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.