Spansion, the troubled flash memory manufacturer, has filed for chapter 11 bankruptcy protection in the US.
The company said took the action as it attempts “to restructure its burdensome debt obligations”.
"At the same time we will continue to explore opportunities for a strategic transaction to ensure that we are doing all we can to maximize value for our stakeholders,” said president and CEO John Kispert.
Spansion's Japanese subsidiary entered into bankruptcy protection in February.
In January, Spansion put itself up for sale or merger and hired Barclays Capital find a buyer. On Feb. 9 Spansion’s Japanese arm which operates a 300mm fab at Aizu, went into bankruptcy with debts of around $810m.
Spansion’s survival plan is to focus on products and segments in the embedded, IP solutions and wireless markets.
"By focusing on embedded Flash memory products, IP solutions, and the profitable portions of the wireless segment, we believe Spansion can leverage its diverse product portfolio and customer relationships while we continue our restructuring process and explore opportunities for a strategic transaction," said Kispert.
Last week Kispert, who has only been in the job a month, announced plans to cut a third of the workforce, representing some 3,000 people.
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