With cash of US$195 million as of April 27, NOR flash memory provider Spansion Inc. is hoping to gain court approval for its restructuring plan by the fourth quarter of 2009 and emerge from Chapter 11 bankruptcy. Spansion said that negotiations with creditors were progressing. However, it will be delisted from the NASDAQ stock market at the end of trading today.
Spansion also said that it would seek a future listing on a major exchange after restructuring and in a time appropriate. Of its cash balances, US$110 million is in the United States.