SUNNYVALE, Calif. — The Associated Press Published on Sunday, Mar. 01, 2009 6:06PM EST Last updated on Friday, Apr. 10, 2009 12:39AM EDT
Flash memory drive maker Spansion Inc. says it is seeking bankruptcy protection.
The Sunnyvale, Calif.-based company said in a statement Sunday it plans to reorganize under Chapter 11 bankruptcy as it attempts to restructure $625-million (U.S.) in senior secured debt under court protection.
Spansion says it has enough cash on hand to pay expenses and remain operational during the restructuring.
Spansion's memory drives are used in digital cameras and other electronic devices. The company, founded in 1993, was a joint venture between chip-maker Advanced Micro Devices Inc. and Fujitsu Ltd.
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