Creditors Dispute Spansion Japan's $761M Claim

Law360, New York (February 11, 2010, 4:20 PM EST) -- Spansion Japan Ltd.’s bid seeking a $761 million reserve for a rejection damages claim in the bankruptcy case of its former parent, Spansion Inc., has sparked opposition from a group of unsecured creditors.

The official committee of unsecured creditors filed an objection in the U.S. Bankruptcy Court for the District of Delaware on Wednesday, arguing that SJL’s request is a “wholly unnecessary and inefficient use of estate resources” because, as a matter of law, the claim should be valued at zero.

After the bankruptcy court in...
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