Bankrupt memory chipmaker Spansion Inc. has emerged from its strategic review and has decided that it will remain an independent, albeit more focused, company. Spansion, which filed for Chapter 11 protection March 1,
said it plans to pursue strategic alternatives for its wireless business.
By shedding its wireless unit, Spansion plans to focus on intellectual property licensing and selling its embedded Flash memory technology to the consumer, gaming, set-top box, industrial,
automotive, PC and PC peripherals, data center servers,
telecommunications infrastructure and networking markets, it said.
Spansion also said it is continuing discussions with its creditors regarding restructuring plans that will ultimately be put before a bankruptcy judge for approval. It said it has about $195 million of cash as of April 19, enough to "support its strategy to emerge as a successful and viable standalone entity."
Spansion put itself on the block in January when it hired Barclays Capital. It followed that move up in February when it
picked John Kispert, formerly a top exec at KLA-Tencor Corp. (NASDAQ:KLAC), to replace long-time CEO Bertrand Cambou.
- Olaf de Senerpont Domis
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