Low-cost LCD maker Syntax-Brillian Corporation has announced that the company filed for Chapter 11 of the United States Bankruptcy Code.
A newly created company called Olevia International Group, LLC, which is under common ownership with TCV Group will purchase certain assets of Syntax-Brillian.
TCV Group is one of Syntax-Brillian's original partners for industrial and mechanical design and it provides the plastic injection molded parts for the Olevia branded high-definition widescreen LCD televisions.
Under the terms of the transaction, in exchange for the purchased assets, Olevia International Group has agreed to assume $60.0 million of Syntax-Brillian's secured debt.
The Chapter 11 filing includes all of Syntax-Brillian’s subsidiaries with the exception of Vivitar, the Company’s brand of digital still and video cameras. Syntax-Brillian has initiated a process for the sale of Vivitar, which will occur separately from the Chapter 11 filing announced today. In the interim, Vivitar continues to conduct business as usual.
Via the Syntax-Brillain site.
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