Syntax-Brillian, Maker Of Olevia HDTV's, Going Bankrupt
Syntax-Brillian, the Tempe, Arizona-based maker of Olevia HDTV's, has filed for Chapter 11 bankruptcy protection after struggling in the past year with weak sales and a failed restructuring attempt. Like nearly every major flat panel maker in the world, Syntax-Brillian has struggled with narrow profit margins thanks to plummeting flat panel prices, but being a second-tier TV maker hasn't fared well with its partnership attempts and executive changes.
The only company under Syntax-Brillian that wasn't under the Chapter 11 filing was their digital camera arm, Vivitar, which will be sold. But a newly formed company called Olevia International Group LLC will take on $60 million of the company's secured debt by purchasing certain assets. Which in the end makes us wonder--is the Olevia TV really dead?
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Posted by Justin Davey at July 13, 2008 12:40 PM