Spansion Japan Files for Bankruptcy Protection
Flash memory maker Spansion Japan filed for protection from creditors to give it time to restructure its operations, parent company Spansion said Monday.
It's the second major event in a bid for survival on the part of the parent company. Spansion's former president and CEO Bertrand Cambou resigned last week as the company sought a possible sale or merger to raise funds to pay off the interest on debt that has come due.
Cambou had led the flash chip maker since it was formed in 2006 out of a flash memory joint venture between Advanced Micro Devices (AMD) and Fujitsu.
"Spansion Inc. does not expect the filing in Japan to materially affect its global operations," the company said Monday. "Spansion Japan Ltd. will continue its operations and intends to pay, in a timely manner, for all goods and services that it obtains after the date of filing."
: