FAQs
On March 1, 2009, Spansion Inc. and certain of its affiliates (collectively, the "Debtors"), filed voluntary petitions (the "Spansion Cases") for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (as amended, the "Bankruptcy Code").
The questions and answers that follow provide general information concerning the Spansion Cases, the Official Committee of Unsecured Creditors of Spansion Inc., et al. (the "Committee"), and various topics related to the Spansion Cases and the Committee.
What is the Committee?
Pursuant to the Bankruptcy Code, the United States Trustee is authorized to appoint a committee of creditors holding unsecured claims as soon as practicable after the filing of a case. Generally, a creditors' committee is a group (typically seven) of general unsecured creditors appointed to represent, in a fiduciary capacity, the interests of all general unsecured creditors. In such role, creditors' committees act to protect and promote the interests of general unsecured creditors by, among other things, monitoring a debtor's business operations, investigating its business and financial affairs, and negotiating the terms of a plan of reorganization (a "Plan"). The overarching goal of a creditors' committee is to maximize value for general unsecured creditors.
In accordance with this authority, on March 12, 2009, the United States Trustee appointed the Committee.
What is the Committee's role in the Spansion Cases?
Pursuant to the Bankruptcy Code, the Committee may: (1) consult with the trustee or debtor in possession concerning the administration of the Spansion Cases; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors, the operation of the Debtors' businesses and the desirability of the continuance of such businesses, and any other matter relevant to the Spansion Cases or to the formulation of a Plan; (3) participate in the formulation of a Plan, advise those represented by the Committee of the Committee's determinations as to any Plan formulated, and collect and file with the court acceptances or rejections of a Plan; (4) request the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; and (5) perform such other services as are in the interests of the unsecured creditors.
Who are the members of the Committee?
- U.S. Bank National Association
- Wilmington Trust Company
- ChipMOS Technologies (Bermuda) Ltd.
- Tokyo Electron Limited
- TSMC North America
The Committee retained Paul, Hastings, Janofsky & Walker LLP to act as its counsel and Young Conaway Stargatt & Taylor, LLP as its co-counsel.
Which Spansion entities are in bankruptcy?
The Assistant United States Trustee for the Spansion Cases is William K. Harrington. The Trial Attorney assigned to the Spansion Cases is T. Patrick Tinker.
What role does the United States Trustee Play?
The United States Trustee Program is a component of the Department of Justice responsible for overseeing the administration of bankruptcy cases. For further details on the United States Trustee's role, please visit: www.usdoj.gov/ust/r03/index.htm.
Does the Committee represent individual creditors?
No. The Committee represents the interests of all unsecured creditors through oversight of and negotiations with the Debtors. Neither the Committee nor its counsel represent individual creditors that may have claims in the Spansion Cases.
What is the deadline for filing proofs of claims?
On May 27, 2009, an Order was entered fixing September 4, 2009 at 4:00 PM (Prevailing Eastern Time) as the deadline for filing proofs of claim. Click here to view a copy of the Order.
Do I need to file a proof of claim?
If you believe that you or an entity you represent has a claim arising prior to March 1, 2009 against one or more of the Debtors, you may wish to file a proof of claim to protect your rights. You should consult your own counsel in deciding to file a claim in the Spansion Cases. For additional information regarding proofs of claim, please refer to: http://chapter11.epiqsystems.com.
Have the Debtors filed any chapter 11 plan(s) or disclosure statement(s)?
The Debtors’ Joint Plan of Reorganization Dated December 9, 2009, the accompanying Disclosure Statement and the Notice of Hearing Notice of Continued Hearing, dated December 14, 2009, were filed with the Bankruptcy Court. To view these documents, please click on the Plan of Reorganization and Disclosure Statement link on the left side of the page.
How long will the Spansion Cases last?
There is no specific time estimate for the Spansion Cases. Large bankruptcy cases such as these can take several months (and in some cases years) to complete.
How do I get responses to specific questions?
Please call 1-877-745-9529 or email your questions to: christopherevans@paulhastings.com
Who is the judge presiding over the Spansion Cases?
The Spansion Cases are assigned to the Honorable Kevin J. Carey, United States Bankruptcy Judge for the District of Delaware.
For additional frequently asked questions regarding the Debtors, please visit the Spansion Inc. website: www.spansion.com.