Habe ich beim "Googlen" unter www.businessweek.com entdeckt.
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.
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