Chip maker seeks bankruptcy shield

Source: Agencies | March 3, 2009, Tuesday |

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STRUGGLING flash memory maker Spansion Inc and its subsidiaries in the United States filed for Chapter 11 bankruptcy protection yesterday, in an effort to restructure US$625 million worth of debt as the company continues to explore a possible sale or other alternatives.

The news comes a week after Spansion, one of the world's largest makers of chips used in digital cameras, cell phones and high-definition televisions, said that it would slash its global workforce by 35 percent, or 3,000 employees.

Demand for flash and chip-based memory is on the decline as sales of electronics which use Spansion's chips dip amid the weak economy.

Spansion said yesterday that it decided to file for bankruptcy following consultation with a lender group holding the company's senior secured floating rate notes due in 2013.

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Chip maker seeks bankruptcy shield

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