Spansion emerges from bankruptcy protection

Flash memory outifit Spansion Inc., said it has emerged from Chapter 11 bankruptcy protection after getting itself in a bit of a pickle around a year ago.

The firm, an AMD spin-off, reorganised, focusing its business on serving embedded and targeted wireless applications, it said, which resulted in four consecutive quarters of operating profit and $225 million in generated cash.

"We are pleased to have emerged from Chapter 11 a stronger, more focused company. As a result, we are better able to serve our customers," said John Kispert, president and CEO of Spansion, who also pointed to a healthy balance sheet as the foundation for long-term success.

Spansion entered Chapter 11 reorganization on March 1, 2009,

Spansion's old common stock has been cancelled and no longer trades. Some pre-bankruptcy claims and other administrative matters will remain pending until they are resolved the firm said in a statement. However, effective as of yesterday, Spansion is no longer under the jurisdiction of the U.S. Bankruptcy Court for the District of Delaware.

"Through the determination of the entire Spansion team, the company has remained focused on serving our customers as we restructured," said Kispert. "Now that the reorganization process is behind us, we look forward to applying even greater energy to ensure our customers' success in their chosen markets."