17 March 2009
Spansion appoints chief restructuring officer
Just a few weeks after filing for US Chapter 11 bankruptcy protection, Spansion has appointed John Brincko to the position of chief restructuring officer.
In this role Brincko will oversee negotiations with the NOR flash vendor's creditors, including debt holders, to restructure the company's approximately $1.5billion in secured and unsecured debt. The decision comes after a recent announcement that 35% of its workforce were to lose their jobs. John Kispert, president and ceo, felt that Brincko's appointment was a positive move for Spansion. He explained: "The decision to retain John is one more indication of how committed we are to creating a more manageable debt structure so that we can focus on building a sustainable and profitable business."
Author
Chris Shaw
Supporting Information
Websites
http://www.spansion.com/
Companies
Spansion
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