UPDATE 1-Spansion sees Chapter 11 exit in Q4 2009 or early 2010

* Says to file reorganization plan in the near future

* Says disclosure statement continues to be work in progress

Oct 2 (Reuters) - Bankrupt flash memory chips maker Spansion Inc SPSNQ.PK said it plans to file a reorganization plan with the U.S. bankruptcy court in the near future and aims to exit Chapter 11 protection in the late fourth quarter of 2009 or early 2010.

In a statement, the company said it had submitted a motion with the court seeking permission to file its reorganization plan without the related disclosure statement.

A disclosure statement must provide "adequate information" about a bankrupt company's affairs and enable claim holders to make an informed judgment about the proposed reorganization plan.

In court documents, Spansion said its disclosure statement continues to be a work in progress and that it will file the statement within a few weeks of the filing of the reorganization plan.

Spansion filed for bankruptcy in March after succumbing to plunging chip prices, as more consumers eschewed electronic gadgets during the recession.

The company said it had reached an agreement on the material economic terms of the reorganization plan with a consortium of holders of the company's senior secured floating rate notes and a committee of the company's unsecured creditors.

The case is In re: Spansion Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-10690. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)