Tuesday, May 11, 2010

Spansion Exits Chapter 11

Sunnyvale-basd Spansion said today that it has exited Chapter 11 bankruptcy organization, and has focused the firm on embedded and targeted wireless applications. The firm said it has had four consecutive quarters of operating profit, and generated $225M in cash. The firm had entered Chapter 11 in March of last year with over $1.5 billion in debt. The firm now has only $480M in debt and $230M in cash.