Electronics Production | May 12, 2010
Spansion emerges from chapter 11 reorganization
Spansion has emerged from Chapter 11 reorganization.
During the reorganization, Spansion focused its business on serving embedded and targeted wireless applications, resulting in four consecutive quarters of operating profit and $225 million in generated cash. Spansion entered Chapter 11 reorganization with over $1.5 billion in debt. Today, Spansion emerged a well capitalized company with less than $480 million in debt and approximately $230 million in cash, which is supplemented with an undrawn credit line of up to $65 million. Stockholder's equity was enhanced by a rights offering of approximately $105 million which is reflected in its cash position. On March 1, 2009, Spansion filed for Chapter 11 bankruptcy protection. The company submitted its first plan of reorganization on October 26, 2009 and gained approval from the U.S. Bankruptcy Court on its amended disclosure statement on December 22, 2009. Spansion received confirmation from the U.S. Bankruptcy Court for its plan of reorganization on April 16, 2010 and emerged from Chapter 11 protection on May 10, 2010. As a result of Spansion's emergence, Spansion's old common stock has been canceled and no longer trades. Some pre-bankruptcy claims and other administrative matters will remain pending until they are resolved. However, effective as of today, Spansion is no longer under the jurisdiction of the U.S. Bankruptcy Court for the District of Delaware.
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