Spansion Seeks Approval For $35M Sale Of Subsidiary

Law360, New York (August 25, 2009, 2:04 PM EDT) -- Spansion Inc. has asked a bankruptcy court to approve a $35 million sale of its Singapore subsidiary to Powertech Technology Inc.

In a motion filed Friday in the U.S. Bankruptcy Court for the District of Delaware, Spansion said the proposed sale — of $35 million in cash, plus the amounts of the subsidiary's estimated net assets — would enrich its estate and allow it to continue supplying American customers while it is subject to a limited exclusion order issued by the U.S. International Trade Commission....
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