Spansion to Purchase Claims from Silver Lake | Cypress Semiconductor
Spansion to Purchase Claims from Silver Lake
SUNNYVALE, Calif., May 3, 2011 --
Spansion Inc. (NYSE: CODE), a leading provider of NOR Flash memory, today announced that Spansion has agreed to purchase certain bankruptcy claims held by SL Capital Appreciation Fund, L.L.C., Silver Lake Sumeru Fund, L.P. and Silver Lake Credit Fund, L.P. for a purchase price of $29.0 million. The Spansion Board of Directors has approved the transaction.
Based on its current estimate that between $1.1 billion and $1.2 billion of unsecured claims will ultimately be allowed in its Chapter 11 cases, Spansion expects the purchase of these claims will enable it to retire 1.3 million to 1.9 million shares when such shares are distributed under Spansion's plan of reorganization. Completion of this transaction will occur after obtaining the approval of the Bankruptcy Court.
"Spansion is committed to maximizing shareholder value and we believe that the acquisition of Silver Lake's claims is a positive step towards this goal," said Randy Furr, EVP and CFO of Spansion.
About Silver Lake
Silver Lake is the global leader in private investments in technology and technology-enabled industries. Silver Lake invests with the strategic and operational insights of an experienced industry participant. The firm has over 90 investment professionals located in New York, Menlo Park, San Francisco, London, Hong Kong and Tokyo and manages over $14 billion across large cap and middle market private investment strategies as well as a credit investment strategy. For more information, please visit www.silverlake.com.
Spansion (NYSE: CODE) is a leading provider of the Flash memory technology at the heart of the world's electronics systems, powering everything from the routers that run the internet to the highly interactive and immersive consumer and automotive electronics that are enriching people's daily lives. Spansion's broad and differentiated Flash memory product portfolio, award-winning MirrorBit charge-trapping technology, and industry leading service and support are enabling customers to achieve greater efficiency and success in their target markets. For more information, visit http://www.spansion.com.
Spansion(R), the Spansion logo, MirrorBit(R), 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 ability to obtain bankruptcy court approval regarding the purchase of the bankruptcy claims; and any changes in the amount of allowed unsecured claims and the resulting number of shares of common stock that the company can retire in connection with this claims purchase. Additional risks and uncertainties related to the company's business are 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 for fiscal 2010. 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.