Spansion to delay interest payment on 11¼% notes

By Lisa Kerner

Charlotte, N.C., Jan. 15 - Spansion Inc. said it is discussing opportunities to restructure its balance sheet and, as a result, will delay making the Jan. 15 interest payment on its outstanding 11¼% senior notes due 2016.

According to Spansion, the indenture governing the 11¼% notes gives the company a 30-day cure period after failing to make the interest payment.

Spansion is based in Sunnyvale, Calif., and makes flash memory products.

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