Spansion Inc. (Spansion), a US-based provider of flash memory solutions, has appointed John P. Brincko as its new chief restructuring officer (CRO). In this new role, Brincko will manage negotiations with company's creditors, incorporating debt-holders, to restructure about $1.5 billion in secured and unsecured debt. He has over 35 years of executive, financial and operational management experience.
Brincko has held executive management positions with Max Factor, American Home Products, International Paper Company, Peat, Marwick, Mitchell and Grey Advertising. On March 1, 2009, Spansion voluntarily filed for reorganization under chapter 11 of the U.S. Bankruptcy Code to strengthen its capital structure and focus its business for long-term success.
The decision to retain John is one more indication of how committed we are to creating a more manageable debt structure so that we can focus on building a sustainable and profitable business, stated Spansion president and chief executive officer (CEO) John Kispert. John has a tremendous track record and we are expecting him to play a key role in revitalizing Spansion.
Brincko’s major assignments have included: CEO of CalComp Technology (Lockheed Martin publicly held subsidiary); president and chief operating officer (COO) of Barneys New York; CEO of Mossimo, Inc.; CEO of Knudsen Foods, Inc. and Foremost Dairies; CEO of Consolidated Freightways; CEO of Strouds, Sun World International, Inc., Globe Security, PCL Industries, Ltd.; and the CRO of Franchise Pictures, VANS and many others.
Spansion, Spansion LLC, Spansion Technology LLC, Spansion International, Inc. and Cerium Laboratories LLC filed their voluntary petitions for relief under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.