The world's third largest flash memory maker Spansion Inc. has filed for bankruptcy protection in a US court on Sunday. Last week the AMD spin-off announced it would cut its workforce by a third.

In its bankruptcy filing the company listed assets of $3.8 billion and debts of about $2.4 billion. The company said it wants to refocus its operations on embedded flash memory for consumer products, intellectual property solutions and the wireless segment.

Spansion also said it's "exploring proposals" from several parties for a strategic transaction. At the moment Fujitsu holds a 11.4 stake in the chipmaker, while AMD owns about 8.7 percent.

Spansion has 1,800 employees and 6,100 workers in facilities based outside the US.

More here.