Claims Agent Sues Spansion's Japan Unit For $178M

Law360, New York (June 28, 2010, 7:03 PM EDT) -- The claims agent for the reorganized debtors in the Spansion LLC bankruptcy is seeking more than $178 million from the flash memory chip maker's Japanese affiliate, which the agent claims owes outstanding debt payments and funds it received through preferential transfers from its parent.

Spansion Japan Ltd. received more than $90 million in avoidable, preferential transfers made by Spansion and owes its parent approximately $88.1 million in prepetition debt, according to an adversary case filed Friday in the U.S. Bankruptcy Court for the District of Delaware....
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