Investors Raise $425M For Competing Spansion Bid

Law360, New York (April 15, 2010, 7:39 PM EDT) -- A group of equity and convertible note holders in the bankruptcy of Spansion Inc. have raised more than $425 million in their effort to launch their own Chapter 11 restructuring plan to compete with one already submitted by the flash memory maker.

The ad hoc committee of convertible note holders and ad hoc equity committee filed a joint objection to the debtor’s request to extend its exclusivity period on Wednesday in the U.S. Bankruptcy Court for the District of Delaware, asking instead to terminate exclusivity and...
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