Electronics Production |
Syntax-Brillian files for chaper 11
Syntax-Brillian has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code. The company also entered an asset purchase agreement with Olevia International to sell Vivitar.
Olevia International is under the common ownership with TCV Group. 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 Company filed a motion pursuant to Section 363(f) of the Bankruptcy Code to seek Bankruptcy Court approval for the sale. The proposed sale is subject to higher and better offers, bankruptcy court approval and other conditions customary in a transaction of this type. The Company anticipates closing this transaction by August 31, 2008.
