Chip manufacturer Spansion, the world's largest provider of Flash memory solutions, has filed for bankruptcy protection in the US as it seeks to save and reorganise its business.
The firm said in a statement that it would look to restructure the business as it struggles to ensure its future success.
"Given our focus on Spansion's future, management and the board have concluded that Chapter 11 provides the most effective means for Spansion to preserve its business, meet its post-petition obligations, and maintain customer confidence and continuity while we complete this restructuring," said recently appointed president and chief executive John Kispert.
"At the same time, we will continue to explore opportunities for a strategic transaction to ensure that we are doing all we can to maximise value for our stakeholders."
The company, which is part-owned by Fujitsu and AMD, recently announced a sharp decline in revenues. During the bankruptcy process, the company will channel its efforts into the most profitable areas in which it operates.
"With our valuable portfolio of industry-leading products and technology, we believe that Spansion has a promising future," Kispert said.
"By focusing on embedded Flash memory products, intellectual property solutions, and the profitable portions of the wireless segment, we believe that Spansion can leverage its diverse product portfolio and customer relationships while we continue our restructuring process and explore opportunities for a strategic transaction."
The firm announced plans in early February to shed 3,000 workers.
RAND claims AI could enhance strategic stability by improving accuracy in intelligence collection and analysis
How NoSQL database technology and IoT sensors are being put to work saving endangered elephants and tigers
MarkLogic's David Northmore reveals how Dutch social enterprise Sensing Clues is using the latest technology to track poachers and protect endangered species
TSB IT fiasco has "all the hallmarks of an IT meltdown", claims Treasury Committee chair Nicky Morgan MP
The first appeals over Apple's Irish taxes will take place in the autumn, confirms Ireland's finance minister