'Liquidity Crisis' Forces Spansion Into Ch. 11

Law360, New York (March 2, 2009, 12:00 AM EST) -- About a week after announcing it would lay off about one-third of its work force, flash memory chip production leader Spansion Inc. has filed for Chapter 11 bankruptcy protection, looking to restructure debt and alleviate what one of its officers termed a “liquidity crisis.”

Sunnyvale, Calif.-based Spansion and four affiliates filed a petition in U.S. Bankruptcy Court for the District of Delaware on Sunday along with several first-day motions seeking permission to use cash collateral, prevent utility shut-offs, pay wages and other measures intended to keep...
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