Silver Lake Sumeru invests in Spansion

Silver Lake Sumeru, an investor in middle-market technology companies, has announced that it closed on an investment in Spansion, a flash-memory supplier. 

Spansion filed for reorganisation under Chapter 11 of the US Bankruptcy Code in March 2009 and successfully emerged from bankruptcy on 10 May 2010. 

The company has approximately $480m (£323m) in debt, $230m of cash and a $65m undrawn, asset-backed line of credit.

Silver Lake Sumeru is appointing two of the Spansion board members, who will assist the company as it seeks to evolve from a capital-intensive, broad-based flash-memory business to a focused cash-flow-generative supplier serving embedded and targeted wireless markets.