The spun off flash memory division of AMD has crawled out of the pages of Chapter 11 administration that it entered last year.
Spansion – it’s a silly name but not as daft as Qimonda, the name of Infineon’s spin-off – said that it had four consecutive quarters of operating profit and made $225 million in cash. and
When Spansion went into Chapter 11 in March last year, it had over $1.5 billion in debt.
Now, it says, it has reduced its debt to $480 million, has $230 million of loot in its coffers, and has a $65 million credit line it hasn’t touched yet.
Spansion is no more under the care of the Delaware US Bankruptcy Court. John Kispert, the CEO, said he was pleased to have emerged from Chapter 11.
“The company has remained focusing on serving our customers as we restructured,” he said. “Now that the reorganisation process is behind us, we look forward to applying even greater energy to ensure our customers’ success.”
Earlier this year, Japanese memory firm Elpida said it would buy Spansion’s R&D business.