Spansion - Milliardenfirma und Pennystock
UPDATE 1-Spansion noteholder group raises $419 mln in rival bid
* Group of convertible noteholders to fund rival reorg plan
* Funding exchange for equity in reorganized co
* Convertible noteholders to pay off co's senior noteholders
April 15 (Reuters) - The ad hoc committee of convertible noteholders of Spansion Inc has raised more than $419 million to fund a rival reorganization plan for the bankrupt flash memory chips maker, court filings showed.
Under the proposed deal, members of the convertible noteholders committee will pay senior noteholders in full, effectively stepping into their shoes, in exchange for common stock in the reorganized company.
Unsecured creditors of Spansion, the noteholders committee and the company's equity committee have now sought to end the Spansion's exclusive right to file a reorganization plan and want the rival plan to be considered for confirmation on a parallel track.
Earlier this month, U.S. Bankruptcy Judge Kevin Carey in Wilmington, Delaware, refused to confirm Spansion reorganization plan, after creditors complained that incentives that the company proposed to award employees were too generous.
Creditors objecting to Spansion's reorganization plan had contended that the company had not proposed the incentive payouts in good faith.
Spansion was the world's third-largest maker of flash memory chips when it filed for bankruptcy protection in March 2009, after sales fell and credit tightened.
Flash memory is used in such products as digital cameras and DVD players, and lets devices retain data even when power is turned off.
The case is In re: Spansion Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-10690.
(Reporting by Santosh Nadgir in Bangalore; Editing by Ratul Ray Chaudhuri) Keywords: SPANSION/
(santosh.nadgir@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 80 4135 5800; Reuters messaging: santosh.nadgir.reuters.com@reuters.net)
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MfG. L:)
"Leben heißt träumen, weise sein heißt angenehm träumen"
Spansion says it needs a quick end to bankruptcy
[...]
By Tom Hals
WILMINGTON, Del., April 16 (Reuters) - Spansion Inc (SPSNQ.PK) asked a judge to approve its latest plan of reorganization on Friday and said the chipmaker could not risk delaying its emergence from bankruptcy to consider a rival plan unveiled this week.
The world's third-largest maker of flash memory chips amended its original plan after U.S. Bankruptcy Court Judge Kevin Carey rejected it earlier this month.
The amended plan tamps down the management incentives and releases from liability that Carey cited in rejecting the original proposal.
Sunnyvale, California-based Spansion said that unless the plan were confirmed as quickly as possible, it would continue to bleed employees and lose potential customers.
The company did not want Carey to consider a rival plan from junior creditors. The groups of holders of convertible securities and common stock said they have raised $419 million to back their alternative proposal and have asked for up to two weeks for consideration of their plan.
The company's plan would provide cash and new debt to holders of secured debt and give stock to senior unsecured noteholders.
The alternative differs in that it proposes paying senior noteholders in cash and giving the holders of common stock and convertible notes shares in the reorganized company.
The company has already been through a five-day trial over confirmation of its original plan. Carey noted that in the company's briefs supporting the amended proposal, management said it was in discussions with the groups backing the alternative plan.
"I don't think it would be a bad thing if those talks continue," he said in announcing a break for lunch. He also cautioned against reading into his comment.
Randy Furr, who became the company's chief financial officer in June, told the bankruptcy court on Friday that bankruptcy has cost the company $10 million a month in legal fees and made it hard to attract staff and new customers.
"Last quarter alone we lost over 50 folks. By being in bankruptcy we're being challenged by the tools we have to retain those folks," Furr said. However, he could not quantify the impact of a two-week delay to consider the rival plan.
Spansion filed for bankruptcy protection in March 2009. The company reported sales of about $1.4 billion for 2009.
Flash memory is used in such products as digital cameras and DVD players, and allows the devices to retain data even when power is turned off.
The case is In re: Spansion Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-10690. (Editing by Gerald E. McCormick)
Grüße
The alternative differs in that it proposes paying senior noteholders in cash and giving the holders of common stock and convertible notes shares in the reorganized company.
Und Du verstehst schon, dass das eine Meldung von Reuters ist und keine Aussage von mir, oder? Ob diese Meldung meiner Aussage widerspricht -- geschenkt. Und weiter? Ich hab das passende Docket zu der von Dir zitierten drei Tage alten Meldung. Und in dem Docket steher *nichts* von Common Shares. Wenn Reuters dies nun schreibt, schreibt entweder Reuters scheiße, oder -- ja -- ich hab mich getäuscht. Und?
Spansion: Nearly out of Chapter 11
Mark LaPedus
EE Times
(04/16/2010 10:05 PM EDT)
SAN JOSE, Calif. -- NOR flash supplier Spansion Inc. said that it has received approval and confirmation of its plan of reorganization from the U.S. Bankruptcy Court.
This clears the way for Spansion's emergence from Chapter 11. Spansion submitted its first plan of reorganization on Oct. 26, 2009 and subsequently gained approval from the U.S. Bankruptcy Court on its amended disclosure statement on Dec. 22, 2009.
Spansion received confirmation from the U.S. Bankruptcy Court for its plan of reorganization on April 16. ''Following a mandatory 14 day notice period, Spansion plans to emerge from Chapter 11 as quickly as possible,'' according to a spokesman for Spansion.
As reported, NOR flash vendor Spansion missed its target date to emerge from bankruptcy. Spansion said last year it planned to emerge from bankruptcy in the first quarter of 2010.
But recently--when it missed that deadline--Spansion said that the U.S. Bankruptcy Court for the District of Delaware issued a decision regarding Spansion's reorganization plan that sets aside a number of objections to the plan and provides guidance on the remaining issues.
The plan was also rejected after creditors ''complained that incentives that the flash memory maker proposed to award employees were too generous,'' according to a report.
Es ist schon sehr interessant, dass der ReOrg Plan zuerst abgeschmettert wurde und jetzt auf einmal will der Richter nicht mehr warten bzw. es nicht mehr zulassen, dass der Prozess weiter "verzögert" wird.
---
The company did not want Carey to consider a rival plan from junior creditors. The groups of holders of convertible securities and common stock said they have raised $419 million to back their alternative proposal and have asked for up to two weeks for consideration of their plan.
---
Kispert und seine Lakaien werden sich mit Sicherheit die Taschen so richtig schön voll machen, egal, welcher ihrer "ReOrg" Pläne nun letztendlich durchgeführt wird.
Schade, schade. Ich dachte eigentlich, hier hätte man mal einen Richter, der denen den Hintern aufreißt und ihnen zeigt, dass es so nicht geht.
Mir wäre es lieber gewesen, wenn der ReOrg Plan der Gegenpartei zumindest in Erwägung gezogen und überprüft worden wäre. Denn das, was die Commons nun von der neuen Corp bekommen könnten, ist wohl dennoch verschwindend gering.
Ich meine, die haben doch offiziell noch nix über die alte Shares gesagt, oder ist das glasklar, da dem Reorg-Plan zugestimmt wurde? Klammer mich grad an einen Strohhalm...
Unmöglich finde ich allerdings die Informationspolitik, die hier bei entscheidenden Dingen praktiziert wird - aber wen überraschts.
Was bedeutet die Info auf finanznachrichten mit Uhrzeit 19.03 denn.
Sorry, außer das Spansion vehement die 2-Wochen-Frist für den Alternativplan (scheinbar mit Erfolg) zu verhindern suchte (die Welt geht dann unter und wir müssen dann Leute entlasten, unsere Kunden spielen da nicht mit - überraschend nach über einem Jahr in dieser "Findungsphase") kann ich es nicht so richtig deuten. Kam etwas neues von Spansion?
Bitte kurz Info
Für Kispert wäre das doch nur ein geiles Wochenende geworden, wenn er hätte verkünden können: "Ach übrigens ihr Scheiß bisherigen Aktionäre seit raus ..." . Das hat er bisher aber nicht! Vielleicht gibt es ja wirklich noch einen Strohhalm - würde auch zu den "riesigen" Umsätzen von vor ein paar Tagen passen - das waren schon ein paar Prozent der Gesamtsumme der Aktien.
Sind die ganzen "Profis" jetzt im Wochenende - naja, hoffen wir mal auf Infos spätestens morgen abend.
hier ist wie in den Amiboards nur Raten angesagt?
Wenigstens von den Amis hätte ich mehr laberei erwartet zu dieser Aktie in den letzten Wochen ...
Ob das n gutes Omen ist? ^^
Grüße
Kann jemand der des englischen "mächtiger" ist, das ganze mal auseinandernehmen?
Was ist insbesondere mit folgendem Satz gemeint:
“What I am for is preservation of shareholder value,” Furr said. “Any delay of us exiting Chapter 11 will be more detrimental to the estate.”
Bloomberg
Spansion Wins Court Approval to Reorganize, Exit Bankruptcy
April 17, 2010, 12:03 AM EDT
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e-mail this story print this story digg this save to del.icio.us add to Business Exchange By Steven Church
April 17 (Bloomberg) -- Spansion Inc., a California maker of memory chips, won court approval of its plan to exit bankruptcy, over the objection of lower-ranking creditors who claimed they had a better proposal.
U.S. Bankruptcy Judge Kevin Carey rejected an alternative plan from hedge funds that own junior, convertible notes, saying their offer came too late.
“You come with a plan on the eve of confirmation,” Carey told attorneys for the junior noteholders. “You have to understand that’s awfully late in the process.
“Where were you three months ago?” Carey asked.
Under the company’s plan, the senior noteholders, including hedge fund manager Silver Lake, would split stock with Spansion’s other unsecured creditors in exchange for wiping out as much as $1.1 billion in debt.
Spansion, based in Sunnyvale, California, filed for bankruptcy last year after failing to make an interest payment on $266 million of bonds. The company listed assets of $3.8 billion and debt of $2.4 billion as of the end of the third quarter of 2008.
The hedge funds said they raised at least $400 million to pay off senior noteholders in cash, allowing them to increase the recovery of the junior noteholders.
Delay ‘Detrimental’
Chief Financial Officer Randy Furr testified yesterday that plan would delay the company’s exit from bankruptcy, harming the future value of the stock the company plans to issue. He said the company hopes to exit bankruptcy by the end of April.
“What I am for is preservation of shareholder value,” Furr said. “Any delay of us exiting Chapter 11 will be more detrimental to the estate.”
The company filed under Chapter 11 of the U.S. Bankruptcy Code, which is designed to allow companies to cut debt and exit bankruptcy.
In 2007, the company issued $625 million of floating interest rate notes due in 2013. Under both plans, those notes would be repaid by giving holders about $158 in cash and new notes worth about $475 million.
The company also owes $250 million in senior notes it issued in 2005.
When it filed for bankruptcy, the company hadn’t made a profit since it was spun off by Advanced Micro Devices Inc. in 2005. The company has cut its workforce from 9,000 people to 3,500, Furr said in court. It now has about $320 million in cash.
The case is Spansion Inc., 09-10690, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--With assistance from Dawn McCarty in Wilmington, Delaware. Editors: Glenn Holdcraft, John Pickering.
To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.
Hm, klingt ja so, als waeren die Aktien noch intakt? Aber warum sind die dann auf zahoo so deprimiert? Ich hab mich innerlich von der Kohle schon verabschiedet.
Furr spricht vom erhalt des Phantasiewertes für die neuen Aktien...
Grüße
Sobald du mir das belegst nehme ich meine "uninterssant" Bewertung zurück - ansonsten stelle ich nur fest, das du die bisherigen "seriösen" Poster dieses Threads nur ohne "Nachweise" - warum auch immer - versuchst "schlecht zu reden" wie gesagt: warum auch immer!
Ich übersetze mal: Wofür ich bin, das ist der Erhalt des "Shareholder Value" <-- wo liest du das was von aktien?
Genervte Grüße
Egal wie: von einem Phantasiewert lese ich zunächst einmal nichts - weitere detaillierte Informationen sind von nöten - und noch mals: es macht für mich keinen Sinn, dass das Gericht eine Entscheidung derart lange rausgezögert hat und jetzt plötzlich einem Unternehmensaktionsplan zugestimmt hat, dem man hätte auch früher zustimmen können, und einen Alternativplan nur wegen fehlenden 2 Wochen Zeit abgelehnt hat nur weil er hätte früher eingereicht werden können. Irgendwie alles suspekt!
Ich bin mal auf die weiteren Informationen gespannt!