Spansion Emerges from Chapter 11
On May 10, Spansion Inc. (www.Spansion.com) successfully emerged from Chapter 11 after 14 months operating under Court supervision. John Brincko and Thora Thoroddsen were engaged as CRO and interim CFO respectively to analyze its financial operations, recommend fixes for the company’s significant losses, evaluate the management team and manage restructuring activities. Prior to filing Chapter 11 in March 2009 with approximately $30 million cash on hand, Spansion’s publicly traded bonds were selling at 30% of par and the company reported a loss of $2.4 billion. Spansion has emerged from Chapter 11, with its operations profitable, $350 million in cash and bonds trading at 129% of par just prior to emergence.