Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
When this company exits the BK court the stock will be worth 0. Have you no clue?
check out the trades this one is so ready
http://ih.advfn.com/p.php?pid=trades&cb=1265865158&symbol=SPSNQ
http://stockcharts.com/h-sc/ui?s=spsnq&p=D&b=5&g=0&id=p19905564743
we need to break .11 then .13 to confirm a massive run
Spansion Noteholders Oppose Silver Lake Equity Financing Deal
Last update: 2/10/2010 1:26:16 PM
By Jacqueline Palank
Of DOW JONES DAILY BANKRUPTCY REVIEW
Spansion Inc.'s (SPSNQ) noteholders are accusing the company of "insider dealing" in its decision to allow private-equity firm Silver Lake Partners to backstop a $109.4 million stock offering rather than selecting the noteholders' "superior" offer to provide $112.4 million in equity financing.
The noteholders are urging the U.S. Bankruptcy Court in Wilmington, Del., to deny confirmation of Spansion's Chapter 11 plan of reorganization on the grounds that the company's poor business judgment in choosing Silver Lake's backstop proposal over the noteholders' offer renders the plan unconfirmable.
"The debtors' entry into this particular backstop rights purchase agreement with Silver Lake is clearly the result of insider dealing, is not 'entirely fair' and offends traditional notions of the sound exercise of business judgment," the noteholders said Tuesday in court papers.
According to the noteholders, Silver Lake's insider status derives from the "close ties" it has developed with Spansion's managers in recent months. And as the potential equity sponsor, the noteholders accused Silver Lake of "controlling the course" of Spansion's restructuring.
Neither representatives of Silver Lake nor its attorney in the bankruptcy proceeding were immediately available for comment Wednesday.
Spansion, of Sunnyvale, Calif., is awaiting court approval of a restructuring plan that relies on $559 million in new financing to pay creditors and serve as working capital, including $450 million in new debt financing arranged and underwritten by Barclays Capital Inc. The remaining funding would be supplied under Silver Lake's agreement to buy up whatever shares go unsold in the company's $109.4 million stock offering.
The noteholders said their "superior" equity financing proposal would provide $112.4 million in a rights offering that assumes the restructured company is valued between $1.2 billion and $1.5 billion.
Spansion, which makes the flash-memory chips used in such high-tech products as cameras and MP3 players, filed for bankruptcy protection in March with $1.5 billion in debt.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)
-By Jacqueline Palank, Dow Jones Daily Bankruptcy Review; 202-862-6615; jacqueline.palank@dowjones.com
(END) Dow Jones Newswires
February 10, 2010 13:26 ET (18:26 GMT)
SPSNQ needs volume charts are getting tight
http://stockcharts.com/h-sc/ui?s=spsnq&p=D&b=5&g=0&id=p19905564743
I wish this issue would make-up its mind.
is it going up, or down - is they comin out 11 with us or without us.
lol
e
Quite the red day today...look for the bounce...
ChipMOS ENTERS DEFINITIVE AGREEMENT WITH CITIGROUPLast update: 1/26/2010 8:00:00 AMHSINCHU, Taiwan, Jan 26, 2010 /PRNewswire via COMTEX/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (IMOS) today announced that ChipMOS TECHNOLOGIES, INC. ("ChipMOS Taiwan"), a wholly owned subsidiary of ChipMOS, has entered into a definitive Transfer Of Claim Agreement (the "Agreement") to sell to Citigroup Financial Products Inc. ("Citigroup") the general unsecured claim reflected in the proof of claim against Spansion Inc., Spansion Technology LLC, Spansion LLC, Spansion International Inc. and Cerium Laboratories LLC (collectively, "Spansion") filed by ChipMOS Taiwan in United States Bankruptcy Court. The claim that is the subject of the Agreement includes accounts receivable for testing and assembly services provided to Spansion in the amount of approximately US$66 million to US$70 million (the "Undisputed Claim"). The purchase price for the Undisputed Claim is approximately US$33 million. At closing, Citigroup will pay an initial purchase price for the Undisputed Claim to an escrow agent to be held in escrow. The escrow agent will release the initial purchase price to ChipMOS Taiwan 20 days after the closing date, so long as no objection to ChipMOS Taiwan's transfer of the claim to Citigroup is filed in the Spansion bankruptcy proceeding prior to the end of the escrow period. If an objection to the claim transfer is filed in the proceeding prior to the end of the escrow period, the Undisputed Claim will be repurchased by ChipMOS Taiwan, the escrow agent will pay the Undisputed Claim purchase price to Citigroup and the agreement to sell the Undisputed Claim to Citigroup will terminate. The Agreement also includes the sale of breach of contract and liquidated damages rights against Spansion in the amount of approximately US$234 million (the "Damages Claim"). The purchase price for the Damages Claim is expected to be an amount that would be determined based on a Purchase Rate of 50.2 percent multiplied by the portion of the Damages Claim that is allowed by a final adjudication of the United States Bankruptcy Court. The purchase price for the Damages Claim is payable to ChipMOS Taiwan to the extent that the Court allows this claim. If an objection to the claim transfer is filed in the Spansion bankruptcy proceeding prior to the end of the escrow period, the agreement to sell the Damages Claim to Citigroup will terminate and the Damages Claim will not be transferred to Citigroup. In furtherance of the Agreement, the Company also has entered into an agreement to subscribe for, purchase and transfer to Citigroup rights offering shares to be issued by Spansion according to the Second Amended Joint Plan of Reorganization filed in United States Bankruptcy Court. This agreement provides that Citigroup will pay to the Company the amount of the rights offering shares purchase price. The Company earlier disclosed information about this transaction in the Company's January 14, 2010 press release. About ChipMOS TECHNOLOGIES (Bermuda) LTD.: ChipMOS ( ) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries. Forward-Looking Statements Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
Contacts: In Taiwan R.O.C. Dr. S.K. Chen ChipMOS TECHNOLOGIES (Bermuda) LTD. Tel: +886-6-507-7712 Email: s.k._chen@chipmos.com In the U.S. David Pasquale Global IR Partners Tel: +1-914-337-8801 Email: dpasquale@globalirpartners.comSOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD. Copyright (C) 2010 PR Newswire. All rights reserved
Sounds very positive to me
pinksheets.com
SPANSION JAPAN EYES REBIRTH AS INDEPENDENT FOUNDRY
TOKYO, Jan 21, 2010 (AsiaPulse via COMTEX) -- Midsize chipmaker Spansion Japan Ltd. will transfer its sales division to U.S. parent Spansion Inc. and focus on becoming an independent supplier.
The Japanese firm, which filed for bankruptcy protection last February, had halved its work force by the end of September. Aiming for a leaner structure that can turn a profit, it decided to split off the sales division in Kawasaki.
Following the restructuring, Spansion Japan will specialize in front-end semiconductor processing at its Aizuwakamatsu plant in Fukushima Prefecture. It aims to subcontract production from chipmakers besides Spansion.
Spansion Japan's chip fabrication facility has a cutting-edge line for processing 300mm wafers and an older line for 200mm wafers. The firm has already made plans to sell the 300mm line because of the high maintenance costs. A Chinese fund has expressed interest, and Spansion Japan hopes to include the sale in a rehabilitation plan to be submitted to the Tokyo District Court by Feb. 24.
(Nikkei) bl
(C) 2010 Asia Pulse Pte Ltd
-0-
INDUSTRY KEYWORD: Semiconductors
Those .08 taken lil off ...
hopefully monday will get us to .2
e
Explosion to start the day...buzz just beginning here
Slow and steady...looks like it will begin moving upwards more quickly now
Wow sweeeeet !
This has got to be related to leaks coming from the Samsung case that still hasn't been settled. imo.
From the yahoo board: Samsung just settled with Rambus. . .
http://www.v3.co.uk/v3/news/2256402/samsung-settles-rambus-case
you aint a kiddin
I wonder if this trend will continue up to 2-11.
luvin every-minute-of-it.
e
Yep...up and up and up...the silent mover
still creeping up nicely... ;)
this just keeps under the radar and slowly creeps up ........
Agreed...I'm buying on the way up :)
I think we're going higher by EOD.
I sure hope so -
e
nice price movement, lets see the volume continue....
lindy!!! yes welcome haha
Amazing isn't it....go go go
I'm back to talk to myself here...
.105 x .109...big buys coming in at ask
Looks like everyone forgot about this one...all non-ihubbers buying today
.082s knocked out...MM shifting, bid support building...time to buy is now!
Second consecutive profitable quarter...huge company with huge revs
Spansion Inc. Reports Fourth Quarter 2009 Results
Date : 01/15/2010 @ 8:07AM
Source : PR Newswire
Stock : (SPSNQ)
Quote : 0.08 0.0 (0.00%) @ 7:15AM
Spansion Inc. Reports Fourth Quarter 2009 Results
Company Posts Second Consecutive Profitable Quarter
SUNNYVALE, Calif., Jan. 15 /PRNewswire-FirstCall/ --
Spansion Inc. today announced operating results for its fourth quarter and fiscal year ended December 27, 2009. Spansion reported fourth quarter of 2009 net sales of $307.1 million and its second consecutive profitable quarter with net income on a U.S. GAAP basis of $4.3 million, or diluted net income per share of $0.02. Operating income for the quarter was $20.7 million and U.S. GAAP gross and operating margins were 33.1% and 6.7%, respectively
(Logo: http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO)
U.S. GAAP Comparison Q4 2009 Q3 2009 Q4 2008 Net sales $307.1 million $327.6 million $468.0 million
Net income (loss) $4.3 million $1.5 million ($2,076.9 million) Diluted net income (loss) per share $0.02 $0.01 ($12.90) Operating income (loss) $20.7 million $20.0 million ($2,007.3 million) Gross margin 33.1% 28.3% (43.1%) Operating margin 6.7% 6.1% (429.0%)
"Spansion's core markets showed strength this quarter and helped the company easily surpass our expectations for revenue in 2009," said John Kispert, Spansion president and CEO. "With our restructuring and reorganization activities largely behind us, we look forward to continued strong results in 2010."
Non-GAAP net income for the fourth quarter of 2009, excluding restructuring, reorganization, and other special charges and credits, was $29.8 million, or net income per share of $0.17. Reconciliation between U.S. GAAP operating results and non-GAAP operating results is provided following the financial statements in this release
Non-GAAP Comparison ------------------- Q4 2009 Q3 2009 Q4 2008 ------- ------- -------
Net income (loss) $29.8 million $17.6 million ($433.0 million) ----------------- ------------- ------------- -------------- Diluted net income (loss) per share $0.17 $0.10 ($2.69) ------------------ ----- ----- ------
The company increased its cash position by over $61 million and ended the fourth quarter of 2009 with $324.9 million in cash, compared to $263.6 million at the end of the third quarter of fiscal 2009 and $116.4 million at the end of the fourth quarter of 2008
"The continued margin improvement on lower net sales is a result of Spansion's strategy to focus on embedded and targeted wireless applications," said Randy Furr, Spansion CFO. "The company's sound financial management, including operational expense control and working capital management, helped increase the cash position over $225 million since first quarter 2009, resulting in approximately $325 million of cash and equivalents at year-end."
Restructuring
Spansion's second amended disclosure statement and its plan of reorganization were approved by the U.S. Bankruptcy Court on December 22, 2009. A confirmation hearing for the plan of reorganization is scheduled for February 11, 2010
Prior to the filing of our Annual Report on Form 10-K for the fiscal year ended December 27, 2009, the company may settle, in connection with the company's Chapter 11 bankruptcy proceedings, pre-petition claims of creditors. Consequently, the company may be required, in accordance with U.S. GAAP, to record adjustments related to any such settlement of pre-petition claims. These adjustments may change reorganization items and net income presented in the statement of operations, and liabilities subject to compromise presented in the balance sheet. As a result, there could be a material change to the statement of operations and balance sheet reported in this release
Spansion Japan
On March 3, 2009, Spansion Japan Limited commenced corporate reorganization proceedings under the Japanese Corporate Reorganization Law (Kaisha Kosei Ho) in the Tokyo District Court. As a result, and in accordance with U.S. GAAP, the financial results of Spansion Japan Limited are not included in the consolidated financial results of Spansion Inc. after March 3, 2009. On January 8, 2010, the company announced that it reached verbal agreements in principle with its former subsidiary, Spansion Japan, to acquire Spansion Japan's distribution business and to obtain foundry services, including wafer and sort services, from Spansion Japan. Additional details can be read in Spansion's 8-K filing on January 11, 2010, which can be accessed at http://investor.spansion.com/
Use of Non-GAAP Financial Information
The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for or superior to, the company's financial results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by the company may be different than the non-GAAP financial measures presented by other companies
The non-GAAP and supplemental information is provided to enhance the user's overall understanding of the company's operating performance. Specifically, the company believes the non-GAAP information provides useful measures to investors regarding the company's financial performance by excluding certain costs and expenses that the company believes are not indicative of its core operating results. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with U.S. GAAP
About Spansion
Spansion (Pink Sheets: SPSNQ) is a leading Flash memory solutions provider dedicated to enabling, storing and protecting digital content in automotive, consumer electronics, networking and wireless applications. Spansion is focused exclusively on designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. For more information, visit http://www.spansion.com/
Spansion®, the Spansion logo, MirrorBit®, MirrorBit® Eclipse(TM), ORNAND(TM), EcoRAM(TM) and combinations thereof, are trademarks and registered trademarks of Spansion LLC in the United States and other countries. Other names used are for informational purposes only and may be trademarks of their respective owners
Cautionary Statement
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements. The risks and uncertainties include the company's ability to: manage costs; achieve adequate liquidity; complete the chapter 11 reorganization process; execute on its new strategic focus; reach a sustainable business model; survive as a stand-alone entity; reach operational efficiency; and reach and sustain profitability. The risks and uncertainties related to the chapter 11 cases include: the company's ability to finalize, execute and obtain necessary court approvals for the definitive agreements with Spansion Japan regarding the sale of the distribution business and foundry services; depend on Spansion Japan for wafer production and distribution of products in Japan, due to actions taken by either (i) Spansion Japan (at the direction of the Spansion Japan trustee or pursuant to orders of the Japanese court in the Spansion Japan corporate reorganization proceeding or otherwise) or (ii) the company or Spansion LLC (pursuant to the orders of the U.S. Bankruptcy Court or otherwise); the company's ability to transfer wafer production capacity to another location or to a third-party foundry, or to find alternative methods of distributing and selling its products in the event that Spansion Japan is not successful or has difficulties in reorganizing; any other actions or orders taken by the U.S. Bankruptcy Court that may impact the company's operations; any negative impacts on the company's business, results of operations, financial position or cash management arrangements; the inability to freely deploy cash resources throughout the company's various geographical locations as all or part of the total worldwide cash may not be available in either the United States or for working capital as a result of limitations inherent in the chapter 11 cases in the United States or Spansion Japan's corporate reorganization proceeding or as a result of various restrictions in certain geographies; the negative impact on relationships with employees, customers, suppliers and contract manufacturers and other stakeholders; the failure of the company to obtain the U.S. Bankruptcy Court orders substantially on the terms applied for; the failure of the company to obtain the requisite approvals of affected creditors or the courts for the proposed plan or reorganization, or to successfully implement such a plan or obtain sufficient exit financing, if required, within the time granted by the U.S. Bankruptcy Court, leading to the likely liquidation of the company's assets; and that following the approval of the proposed plan of reorganization, the company's outstanding common stock will be cancelled. In addition, the instability of the global economy and tight credit markets could continue to adversely impact the company's business in several respects, including adversely impacting credit quality and insolvency risk of the company and its customers and business partners, including suppliers and distributors; bookings; and reductions and deferrals of demand for Spansion products. The company urges investors to review in detail the risks and uncertainties discussed in the company's Securities and Exchange Commission filings, including but not limited to the company's most recent Annual Report on Form 10-K for and Quarterly Reports on Form 10-Q. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
Spansion Inc
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except per share amounts)
Quarter Ended ------------------------------------------------------------------------ Dec. 27 Sep. 27 Dec. 28 2009 2009 2008 ------------------------------------------------------------------------
Net sales $307,146 $327,578 $467,951 Cost of sales 205,504 234,952 669,691 ------------------------------------------------------------------------
Gross margin 101,642 92,626 (201,740)
Research and development 25,533 28,281 96,339 Sales, general and administrative 41,661 36,820 56,756 Acquisition related in- process research and development - - - Restructuring charges 1,206 7,492 (138) Asset impairment charges 12,538 - 1,652,622 ------------------------------------------------------------------------
Operating income (loss) 20,704 20,033 (2,007,319) Interest and other income (expense), net 1,110 532 12,371 Interest expense (8,099) (9,199) (26,287) Gain on deconsolidation of subsidiary - - - ------------------------------------------------------------------------
Income (loss) before reorganization items and income taxes 13,715 11,366 (2,021,235) Reorganization items (9,736) (9,348) - ------------------------------------------------------------------------
Income (loss) before income taxes 3,979 2,018 (2,021,235) Benefit (provision) for income taxes 350 (518) (55,670) ------------------------------------------------------------------------
Net income (loss) $4,329 $1,500 $(2,076,905) ------------------------------------------------------------------------
Net income (loss) per common share
Basic $0.03 $0.01 $(12.90) Diluted $0.02 $0.01 $(12.90)
Shares used in per share calculation
- Basic 162,239 162,090 161,000 - Diluted 174,139 173,925 161,000
Year Ended ------------------------------------------------------------ Dec. 27 Dec. 28 2009 2008* ------------------------------------------------------------
Net sales $1,410,653 $2,281,803 Cost of sales 1,103,757 2,193,345 ------------------------------------------------------------
Gross margin 306,896 88,458
Research and development 136,449 431,808 Sales, general and administrative 216,298 253,878 Acquisition related in-process research and development - 10,800 Restructuring charges 46,852 11,161 Asset impairment charges 12,538 1,652,622 ------------------------------------------------------------
Operating income (loss) (105,241) (2,271,811) Interest and other income (expense), net 4,038 5,200 Interest expense (50,976) (105,536) Gain on deconsolidation of subsidiary 30,100 - ------------------------------------------------------------
Income (loss) before reorganization items and income taxes (122,079) (2,372,147) Reorganization items (391,383) - ------------------------------------------------------------
Income (loss) before income taxes (513,462) (2,372,147) Benefit (provision) for income taxes (597) (62,865) ------------------------------------------------------------
Net income (loss) $(514,059) $(2,435,012) ------------------------------------------------------------
Net income (loss) per common share
Basic $(3.18) $(15.69) Diluted $(3.18) $(15.69) ------------------------------------------------------------
Shares used in per share calculation
- Basic 161,847 155,162 - Diluted 161,847 155,162
* The Statement of Operations for the year ended December 28, 2008 is derived from the December 30, 2008 audited financial statements of Spansion Inc. and has been adjusted to reflect the change in accounting for the Company's Exchangeable Senior Subordinated Debentures
Spansion Inc
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands)
Dec. 27 Dec. 28 2009 2008* ---- ---- Assets
Current assets: Cash and cash equivalents $324,903 $116,387 Auction rate securities 100,335 - Accounts receivable 129,174 139,888 Accounts receivable from related party 366,602 117,575 Allowance for doubtful accounts (56,408) (8,106) Inventories 141,723 379,157 Deferred income taxes 13,332 3,213 Prepaid expenses and other current assets 49,533 35,225 ---------------------------------------------------------------- Total current assets 1,069,194 783,339
Property, plant and equipment, net 322,710 795,030 Auction rate securities - 94,014 Other assets 46,073 101,489 ---------------------------------------------------------------- Total Assets $1,437,977 $1,773,872 ================================================================
Liabilities and Stockholders' Deficit
Current liabilities: Note payable to banks under revolving loans $- $105,687 Short term note 64,149 - Accounts payable and accrued liabilities 146,140 554,787 Accounts payable and accrued liabilities to related party 221,211 79,684 Accrued compensation and benefits 21,630 60,412 Income taxes payable 83 3,972 Deferred income 62,958 35,285 Current portion of long-term debt - 1,126,849 ---------------------------------------------------------------- Total current liabilities 516,171 1,966,676
Deferred income taxes 13,405 3,267 Long-term debt, less current portion - 210,246 Other long-term liabilities 9,825 44,330
Liabilities subject to compromise 1,756,269 -
Stockholders' deficit (857,693) (450,647)
---------------------------------------------------------------- Total liabilities and stockholders' deficit $1,437,977 $1,773,872 ================================================================ * The Balance Sheet as of December 28, 2008 has been adjusted to reflect the change in accounting for the Company's Exchangeable Senior Subordinated Debentures
Spansion Inc
Debtor-in-Possession CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
Quarter Ended YTD December 27 December 27 2009 2009 ---- ---- Cash Flows from Operating Activities: Net income (loss) $4,329 $(514,059) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation, amortization, and in- process research and development write-off 29,620 169,908 Asset impairment charges 14,045 14,045 Provision for deferred income taxes 6 18 Provision for doubtful accounts 578 19,055 Net loss on sale and disposal of property, plant, and equipment 1,448 76 Compensation recognized under employee stock plans 1,976 12,419 Gain on deconsolidation of subsidiary - (30,100) Gain on sale of Suzhou plant (3,885) (4,669) Loss from write-off of rejected capital leases and various licenses - 3,090
Changes in operating assets and liabilities, net of effects of deconsolidation of subsidiary: Increase in accounts receivable and other receivables (66,724) (247,576) (Increase) decrease in inventories (4,527) 180,569 (Increase) decrease in prepaid expenses and other current assets 660 (10,448) (Increase) decrease in other assets 2,833 (5,165) Increase in accounts payable, accrued liabilities and accrued compensation 72,069 629,431 Decrease in income taxes payable (381) (2,708) Increase in deferred income 6,663 22,663 ----- ------ Net cash provided by operating activities 58,710 236,549 ------ -------
Cash Flows from Investing Activities: Proceeds from sale of property, plant and equipment 3,507 4,352 Purchases of property, plant and equipment (14,066) (29,713) Loan made to an investee - (5,263) Cash proceeds from PTI due to sale of Suzhou plant 15,539 15,539 Proceeds from redemption of ARS 4,150 14,775 Cash decrease due to deconsolidation of subsidiary - (52,092) Cash decreases due to the sale of Suzhou plant - (10,431) --- ------- Net cash provided (used) by investing activities 9,130 (62,833) ----- -------
Cash Flows from Financing Activities: Proceeds from borrowings, net of issuance costs - 117,758 Payments on debt and capital lease obligations (6,491) (79,863) ------ ------- Net cash (used) provided by financing activities (6,491) 37,895 ------ ------
Effect of exchange rate changes on cash and cash equivalents - (3,095) --- ------ Net increase in cash and cash equivalents 61,349 208,516 Cash and cash equivalents at the beginning of period 263,554 116,387 ------- ------- Cash and cash equivalents at end of period $324,903 $324,903 ======== ========
Spansion Inc
Debtor-in-Possession CONDENSED CONSOLIDATED SUPPLEMENTAL INFORMATION (UNAUDITED) (In thousands, except per share amounts)
Reconciliation of GAAP Net Income (Loss) to NON-GAAP Net Income (Loss) ----------------------------------------------------------------------
Quarter Ended -------------------------------------------------- December 27 September 27 December 28 2009 2009 2008
GAAP net income (loss) $4,329 $1,500 $(2,076,905)
Acquisition-related charges 79 79 2,676 Restructuring charges 5,091 7,492 (138)
Reorganization charges 9,736 9,348 -
Impairment charges 14,431 - 1,652,622
Gain on divestiture (3,885) (784) -
Impairment of marketable securities - - (11,248)
Non-GAAP net income (loss) $29,781 $17,635 $(432,993)
Non-GAAP net income (loss) per diluted share $0.17 $0.10 $(2.69) Shares used in diluted shares calculation 174,139 173,925 161,000
Spansion Inc
Debtor-in-Possession SELECT ITEMS IN THE FINANCIALS (UNAUDITED) (In thousands)
Quarter Ended ----------------------------------------------- December 27 September 27 December 28 2009 2009 2008 Interest expense (income) $6,988 $8,667 $13,916
Benefit (provision) for income taxes (350) 518 55,670 Depreciation in cost of sales, R&D and SG&A 27,853 31,032 160,901 Depreciation in restructuring charges 1,689 2,328 - Impairment charges 14,431 - 1,652,622
Amortization 79 79 2,676
http://www.spansion.com/
http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO
http://photoarchive.ap.org/
DATASOURCE: Spansion Inc
CONTACT: Press, Courtney Brigham, +1-408-616-5056,
, or Investors, Randy Furr, +1-408-616-3682, both
of Spansion Inc
Web Site: http://www.spansion.com/
I am not sure what you are thinking on that...can you expand on your opinion a bit...TIA. Lindy
This is gonna be one hell of a play................
Spansion Inc. Announces Agreement to Purchase Distribution Business & Foundry Services From Former Japanese Subsidiary
Company on-track to emerge from Chapter 11 in the first quarter of 2010
SUNNYVALE, Calif., Jan. 8 /PRNewswire-FirstCall/ -- Spansion Inc. today announced it has reached verbal agreement to acquire the distribution business of its former subsidiary, Spansion Japan, that is the subject of a proceeding under the Japanese Corporate Reorganization Law (Kaisha Kosei Ho) pending in the Tokyo District Court. Spansion also verbally approved a new foundry services agreement which would include wafer and sort services from Spansion Japan. In a hearing before the U.S. Bankruptcy Court today, a representative of GE Financial Services Corporation, the agent for Spansion Japan's syndicate of secured lenders, announced their support for the agreements, subject to final approval of the syndicate members. The agreements remain subject to completion of definitive agreements and approval by the U.S. Bankruptcy Court with jurisdiction over Spansion's chapter 11 case as well as the Tokyo District Court.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO)
"Upon court approval, these agreements finalize Spansion's plan for manufacturing services and on-going support for Japanese customers as it continues its planned emergence from Chapter 11 in the first quarter of 2010," said John Kispert, Spansion president and CEO. "We are pleased that this agreement will also help enable Spansion Japan to reorganize as a stand-alone entity."
Spansion Japan would retain certain unsecured claims against Spansion Inc. that could be compromised under Spansion's proposed plan of reorganization. Any awards related to these claims would be treated as pre-petition obligations and would not affect the company's capital structure upon emergence from Chapter 11 bankruptcy. The complete definitive terms and conditions of the settlement will be filed with the U.S. Bankruptcy Court on or before January 15, 2010. The U.S. Bankruptcy Court has scheduled a hearing to consider approval of the settlement on January 29, 2010.
01-07-2010 21:54 (news copied from my broker (Swissquote))
DJ Judge Says Spansion Can Seek $559 Million In Exit Financing
By Eric Morath
Of DOW JONES DAILY BANKRUPTCY REVIEW
A bankruptcy judge said Thursday that Spansion Inc. (SPSNQ) can enter into agreements to access $559 million in bankruptcy-exit financing, but he delayed a decision on whether the memory-chip maker's plan confirmation hearing will be pushed back two weeks.
Judge Kevin J. Carey of the U.S. Bankruptcy Court in Wilmington, Del., said Spansion can allow private-equity firm Silver Lake Partners to fully backstop a $109.4 million stock offering and allow Barclays Capital Inc. to arrange and underwrite $450 million in new debt financing.
Spansion would use the proceeds of both packages, if they ultimately materialize, to help fund its exit from Chapter 11.
The financing deals will "enhance the ability to confirm the plan as it is currently proposed and enhance the potential of reaching consensus among creditor constituents," Carey said at Thursday's court hearing.
Carey didn't rule on a request from unsecured Spansion noteholders to push back the company's Feb. 11 confirmation hearing until Feb. 25. Instead, Carey said he would consider the standstill request at a Jan. 29 hearing.......
I think with the recent positive news in the Q3 report (very first income since inception), this is a positive and promising development.
Spansion embroiled in $1B dispute with Japan unit
EE Times , January 02, 2010
Spansion is embroiled in a $1 billion foundry dispute with its estranged Japanese unit, according to a new filing with the U.S. Securities and Exchange Commission (SEC).
http://www.eetimes.com/TechSearch/Search...
"Our restructuring efforts are paying off as highlighted in our improved third quarter performance," said John Kispert, Spansion president and CEO. "Over the past nine months we have taken a number of difficult actions relative to restructuring. I am proud to say that we now have those efforts behind us and can focus on the future. We expect to emerge from Chapter 11 in the first quarter of 2010 with a healthier capital structure and a broad product portfolio, positioned to compete in our target markets."
Bounced of of .08,then .06-------- .05 this time??????Or does she turn around in short order?????
SPSNQ lod is .07. Now .098 +15%. Jim
Phone conference on docket for tomorrow 3:30...hmmmm..sure did get the price and volume going????
Hmmm, like looks that volum/ask jump.
hope it's an indicator or positive news.
e
Followers
|
26
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
3318
|
Created
|
11/09/06
|
Type
|
Free
|
Moderators |
Sector: Technology
Industry: Diversified Electronics
Web Site: http://www.spansion.com
Court Docket
http://chapter11.epiqsystems.com/default.aspx
BUSINESS SUMMARY
Spansion, Inc. engages in the design, development, and manufacture of flash memory products and systems in the United States, Japan, Malaysia, Thailand, and the People’s Republic of China. Its wireless product family primarily includes PL family, which is used for a range of mobile phones; WS family that is used for mobile phones with capabilities, such as polyphonic ring tones, color displays, higher resolution cameras, and internal storage for multimedia content; GL family, which enables code and data applications in mobile phones; and MS family products for data applications in higher-end mobile phones. The company’s embedded products include the AL and GL product families that address consumer, networking, and telecommunication applications; the CD product family automotive engine and transmission control applications; and the FL product family that addresses personal computers and peripheral applications, and consumer applications, such as hard disk drives and graphics cards and in consumer markets. In addition, Spansion provides flash memory products development tools and subsystems for the design of flash devices. Its products are used in a range of electronic products, including mobile phones, consumer electronics, automotive electronics, networking and telecommunications equipment, and personal computer peripherals. The company was founded as Fujitsu AMD Semiconductor Limited in 1993 and changed its name to Spansion LLC in 2003. Further, it changed name to Spansion, Inc. in 2004. Spansion is headquartered in Sunnyvale, California.
Recent Headlines
Short Interest - 2009-Oct-B
| ||||||||||||||||||||||
| ||||||||||||||||||||||
| ||||||||||||||||||||||
|
Mutual Fund Activity
http://www.mffais.com/spsn.html
Daily Chart Extended
Weekly Chart Extended
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |