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Spansion announces 21st distribution of shares to unsecured creditors
By Caroline Salls
Pittsburgh, Dec. 28 - Spansion Inc. issued and distributed an additional 3.03 million reserved shares on Dec. 28 to holders of some allowed unsecured claims and holders of Spansion LLC senior notes as part of its 21st plan of reorganization distribution, according to an 8-K filed Friday with the Securities and Exchange Commission.
Spansion said the 21st distribution consisted of 1.24 million shares distributed to senior notes trustee U.S. Bank NA AS, of which 197,672 shares will be cancelled, as well as 881,602 shares distributed to holders of some other allowed unsecured claims and 914,745 shares distributed to Spansion LLC in connection with purchased claims.
All 914,745 shares distributed to Spansion LLC will be cancelled.
Simultaneously, the company said it cancelled an additional 2.09 million reserved shares it received as part of a settlement with Tessera.
On the plan effective date, Spansion reserved 46.25 million unregistered series A common shares for issuance to satisfy the allowed claims of unsecured creditors.
Before the 21st distribution, the company said it had issued and distributed a total of 40.07 million of the reserved shares.
According to the 8-K, supplemental distributions of the remaining 1.05 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 reserved shares available for distribution.
Spansion is a Sunnyvale, Calif.-based semiconductor device company principally dedicated to designing, manufacturing, marketing, licensing and selling NOR Flash memory technology and solutions.
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