Spansion moves closer to successful conclusion to Chapter 11 re-organization

SUNNYVALE, USA: Spansion Inc. announced that the US 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.