Spansion Says It's Out Of Ch. 11, With $1B Less Debt

Law360, New York (May 11, 2010, 5:50 PM EDT) -- Flash memory chip maker Spansion Inc. has emerged from Chapter 11 having shed more than $1 billion in debt since taking refuge in bankruptcy court in March 2009, while an appeal of the order confirming its reorganization plan is still pending.

Spansion emerged from bankruptcy Monday after winning confirmation of its reorganization plan April 16, according to the Sunnyvale, Ca.-based company.

Though some prebankruptcy claims and other administrative matters remain pending, the company is no longer under the jurisdiction of the U.S. Bankruptcy Court for the...
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