Syntax-Brillian files for Chapter 11

Jul 8 2008, 2:00am CDT | by Luigi Lugmayr

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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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.