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.
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