Spansion granted bankruptcy court OK of equity trading procedures

By Caroline Salls

Pittsburgh, April 8 - Spansion Inc. has received final court approval to establish notice, hearing and sell-down procedures for trading in the company's equity securities, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the procedures, any person or entity that owns at least 7.67 million shares or options to acquire shares of Spansion's common stock must notify the court within 20 days after the effective date of the notice of entry of the final order or 10 days after becoming a substantial shareholder.

In addition, substantial shareholders are required to file notice with the court at least 30 days before any transfer of equity securities.

The company will have 30 days to object to the proposed transfer, and, if the company does object, the transfer cannot be made unless approved by the bankruptcy court.

Spansion, a Sunnyvale, Calif.-based maker of flash memory products, filed for bankruptcy on March 1 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10690.

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