Flash Memory Maker Spansion Files for Bankruptcy

Authored by Mark Hefflinger on March 2, 2009 - 8:53am.

Sunnyvale, Calif. - Spansion (NASD: SPSN), a maker of flash memory storage media used in mobile phones, digital cameras and other consumer electronics, has filed for Ch. 11 bankruptcy protections, in a bid to restructure $625 million in debt.

The company last week laid off 3,000 employees, or about 35% of its total worldwide staff.

Founded in 1993, Sunnyvale, Calif.-based Spansion was initially a joint venture between Advanced Micro Devices (AMD) and Japan's Fujitsu.

The company, which has seen demand for its flash memory products sag alongside sales of consumer electronics amid the economic downturn, said it intends to also seek a sale or merger of the company.

"We will continue to explore opportunities for a strategic transaction to ensure that we are doing all we can to maximize value for our stakeholders," said Spansion CEO John Kispert.

Related Links:
http://snipurl.com/cycao (AP)

http://online.wsj.com/article/SB123600616682409981.html

http://www.spansion.com