Spansion plans to continue to support its wireless customers as it pursues strategic alternatives for that business. Spansion (Sunnyvale, Calif.) did not elaborate on the product lines associated with wireless.

The company's Ornand product could be in trouble. The architecture is said to deliver a NAND interface with the reliability and high read performance of NOR Flash memory.

Now, the company has decided to pursue a standalone strategy focused on the embedded solutions market and intellectual property (IP) licensing.

It's been a tough time for the company. Spansion filed for relief under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on March 1. On Feb. 9, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts.

The company said it continues its discussions with creditors regarding its restructuring plans, which will require court approval.

According to Spansion, the company ''expects to emerge from its Chapter 11 restructuring process with a sustainable business model aimed at maximizing recovery for creditors; generating positive free cash flow and profitability; and designed to support annual revenues of approximately $1 billion.''

In addition, the company announced that it believes it has adequate working capital -- approximately $195 million in cash as of April 19, including approximately $110 million in the U.S., to support its strategy to emerge as a standalone entity.