SUNNYVALE, Calif. (AP) -- Flash memory drive-maker Spansion Inc., which filed for Chapter 11 bankruptcy protection more than a year ago, said Friday a court overruled objections to its plan to reorganize.
The U.S. Bankruptcy Court for the District of Delaware overruled several objections and provided guidance on remaining issues with the reorganization plan, the company said. Spansion said the court also denied a motion by debt holders that sought to overturn the court's approval of a Spansion's disclosure statement.
Spansion said it is working to address issues that remain with the plan so it can be confirmed by the court. The company filed for Chapter 11 bankruptcy protection in March 2009 after the global economic slump led to lower sales of electronics. Spansion makes chips that are used in digital cameras and cell phones, among other devices.
In 2009, Spansion said it would focus on flash memory products, Internet Protocol services, and profitable parts of its wireless division.
