Failing Chip Makers and Others: Spansion, Visteon, Dynogen Pharmaceu...

03/02/09

On Sunday, chip maker Spansion, Inc. filed a chapter 11 petition in the District of Delaware, case number 09-10690. I haven't heard of them, but this is a big one - more than a billion in assets. Spansion is the world's largest manufacturer of flash memory solutions, particularly for cell phones. According to the AP story, Spansion's problems are related to the decline in demand for consumer electronics.

Crain's Detroit Business predicts that Visteon will file for bankruptcy sometime before the end of April. Visteon provides technology and electronics systems for the automotive industry, so no great surprise there.
Last Monday, Dynogen Pharmaceuticals filed a chapter 7 petition in Massachusetts. Among the creditors, about six law firms owed more than $250,000. Debtor's counsel received payments for about the same sum prior to filing the petition. Nice work for a chapter 7 case.

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