Spansion makes 11th distribution of class A common stock under plan

By Caroline Salls

Pittsburgh, June 23 - Spansion Inc. issued and distributed a total of 757,479 unregistered shares of class A common stock to holders of some unsecured claims and Spansion LLC senior notes as part of an 11th distribution to those creditors under its plan of reorganization, according to an 8-K filed with the Securities and Exchange Commission.

The company said the 11th distribution consisted of 208,620 shares distributed to Spansion LLC notes trustee U.S. Bank NA AS, 414,992 shares distributed to holders of some allowed unsecured claims and 133,867 shares distributed to Spansion LLC in connection with purchased claims.

All 133,867 shares distributed in connection with the Spansion LLC purchased claims will be canceled.

According to the 8-K, supplemental distributions of the remaining 12.24 million unregistered shares reserved for issuance will take place on at least a quarterly basis, provided, with some exceptions, that the company has at least 100,000 shares of class A common stock available for distribution.

A total of 46.25 million shares of class A common stock were reserved for issuance on the effective date of Spansion's plan of reorganization.

The company made the first distribution in May 2010.

Spansion, a Sunnyvale, Calif.-based semiconductor device company, emerged from bankruptcy on May 10, 2010.

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