Syntax-Brillian Files for Chapter 11 Bankruptcy

On July 7, 2008, Tempe, Arizona-based Syntax-Brillian, the company behind the Olevia brand of LCD TVs, filed for Chapter 11 bankruptcy. A new company, Olevia International Group LLC, has been created where certain assets of Syntax-Brillian as well as US$60 million of secured debt will be transferred to. Taiwan’s Kolin Co. and affiliates is the only entity that owns more than 5% of Syntax-Brillian. The company’s total assets are US$175.7 million, total debts are $259.4 million as of June 2008.

There is one good news: Vivitar, its digital camera unit, will survive Chapter 11 and Syntax-Brillian is expected to sell this business unit. Vivitar. I guess it’s still alive.

Expect super low prices on Olevia LCD TVs soon.

Source: Reuters via Engadget

[tags]Syntax-Brillian, Olevia, Olevia LCD TV, Vivitar, Syntax-Brillian Files for Chapter 11 Bankruptcy, Kolin, Olevia International Group[/tags]

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