Wilmington Trust Blasts Spansion's Latest Plan

Law360, New York (February 22, 2010, 1:05 PM EST) -- Wilmington Trust Co. is objecting to confirmation of bankrupt flash memory maker Spansion Inc.'s latest amended plan for reorganization, claiming it would amount to an improper windfall for senior noteholders of the company.

Acting in its capacity as indenture trustee, Wilmington filed an objection to the plan on Friday in the U.S. Bankruptcy Court for the District of Delaware, arguing that it attempted to make an end run around an intercreditor dispute that is still pending.

Spansion offered its new plan on Feb. 8, but Wilmington...
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