Spansion Noteholders Appeal Plan Confirmation

Law360, New York (April 28, 2010, 1:19 PM EDT) -- An ad hoc committee of convertible noteholders is appealing an order by a bankruptcy judge approving flash memory maker Spansion Inc.'s latest reorganization plan, saying the $425 million they've raised to bolster a competing plan will provide a better exit deal for creditors.

The committee filed a notice Tuesday that it was appealing Bankruptcy Judge Kevin Carey's confirmation of the Spansion plan to the U.S. District Court for the District of Delaware.

Judge Carey confirmed Spansion's amended bankruptcy plan April 16, shunning objections made by the...
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