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Technology Stocks : Spansion Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Petz who wrote (4450)	2/10/2009 3:06:17 AM
From: Rink	Read Replies (1) \| Respond to of 4590

Spansion Japan Ltd. Files for Corporate Restructuring Operations to Continue Uninterrupted Worldwide; Talks with Secured Lenders Progressing SUNNYVALE, Calif., Feb 09, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Spansion Inc., (Nasdaq: SPSN) 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. (Logo: newscom.com 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 crumbles. R