Spansion Balks At Bid For Equity Holders Committee

Law360, New York (July 20, 2009, 4:27 PM EDT) -- Technology company Spansion Inc. has asked the bankruptcy judge overseeing its Chapter 11 proceedings to deny an investor's attempt to form an equity security holders committee, arguing that the creation of such a group would complicate and prolong the bankruptcy case.

The debtors claim that the motion of shareholder Philip Mathers offers no legal basis for the appointment of an equity committee and contains various inaccuracies, according to an objection filed Friday in the U.S. Bankruptcy Court for the District of Delaware.

According to the debtors,...
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