Andre Yoskowitz
9 Jul 2008 2:41
The United States-based TV maker Syntax-Brillian, maker of the once-popular Olevia HDTV brand, has filed for Chapter 11 bankruptcy protection after a year "of weak sales", lawsuits, accounting issues and liquidity problems.
The company is now negotiating with creditors and lenders to secure capital, but has stopped its operations in Arizona. A few of the notable creditors of the company are Singapore-based WesTech Electronics Ltd, Taiwan's Compal Electronics, cable sports network ESPN and Taiwan's Digimedia Technology Co.
For the fiscal year ended June 2008, Syntax-Brillian's total assets were $175.7 million USD comapred to almost $300 million USD in unpaid debts. The company cited "a U.S. Securities and Exchange Commission enquiry and the loss of confidence of suppliers, vendors and employees" as the main reasons for the erosion of its business.
The bankruptcy filing includes all the company's assets with the exception of Vivitar, the company's digital camera unit, which is going up for sale.