Spansion Creditors Aim To File Own Ch. 11 Plan

Law360, New York (December 9, 2009, 5:12 PM EST) -- The unsecured creditors of Spansion Inc. on Wednesday asked to be allowed to file a rival Chapter 11 plan for the flash memory chip maker, arguing that an amended restructuring plan filed by Spansion, with the consent of a consortium of convertible debt holders, is an attempt to punish the unsecured creditors.

The unsecured creditors committee’s motion, filed in the U.S. Bankruptcy Court for the District of Delaware, claims that Spansion's amended restructuring plan strips them of the right to appoint any directors to the reorganized...
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