Spansion Moves Closer to Successful Conclusion to Chapter 11 Reorganization | Cypress Semiconductor
Spansion Moves Closer to Successful Conclusion to Chapter 11 Reorganization
Court Provides Guidance as to Remaining Issues with Plan of Reorganization
SUNNYVALE, Calif., April 1, 2010 --Spansion Inc. announced today that the U.S. Bankruptcy Court for the District of Delaware has issued a decision regarding Spansion's plan of reorganization that overrules a number of objections and provides guidance as to the few remaining issues with the plan. The court's opinion also denied a motion by an ad hoc committee of holders of Spansion's exchangeable debentures seeking to vacate the court's prior order approving Spansion's disclosure statement and appoint an examiner or Chapter 11 trustee.
"We are pleased to have taken a major step forward towards the confirmation of our plan," said John Kispert, CEO of Spansion. "We appreciate the court's detailed and thoughtful opinion and we look forward to addressing the court's remaining concerns."
Spansion will address the court's remaining issues in order to obtain confirmation of the plan and a successful emergence from Chapter 11 as quickly as possible.
Spansion is a leading Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in automotive, consumer electronics, networking and wireless applications. Spansion is focused exclusively on designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. For more information, visit http://www.spansion.com.
Spansion(R), the Spansion logo, MirrorBit(R), MirrorBit(R) Eclipse(TM), ORNAND(TM), EcoRAM(TM) and combinations thereof, are trademarks and registered trademarks of Spansion LLC in the United States and other countries. Other names used are for informational purposes only and may be trademarks of their respective owners.
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements. The risks and uncertainties include the company's ability to emerge from the Chapter 11 proceedings on April 14, 2010, the ability to deliver on-going success, the ability to maintain a strong balance sheet and the ability to deliver high-quality, differentiated solutions. The company urges investors to review in detail the risks and uncertainties discussed in the company's Securities and Exchange Commission filings, including but not limited to the company's most recent Annual Report on Form 10-K. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.