Syntax-Brillian waves the white flag, files for Chapter 11 bankruptcy
So yeah, apparently that whole attempt to "streamline operations" back in April didn't go over so well, as Syntax-Brillian -- you know, that firm neck deep in panel partnerships and responsible for Olevia HDTVs -- has just filed for Chapter 11 bankruptcy. The Arizona-based company has also "entered into a deal to sell certain of its assets to a newly created company called Olevia International Group LLC," which has agreed to pick up some $60 million of its secured debt. We're also told that operations in Tempe have ceased, and "about eight employees" (including the finance chief, general counsel and finance staff) are sticking around with nothing better to do.[Thanks, Paul]
Reader Comments (Page 1 of 1)
Bennie @ Jul 8th 2008 11:21PM
It is too bad that American companies suffer, while we worship foreign companies.
nathan @ Jul 15th 2008 5:42PM
American companies suffer? It looks like the company was mostly owned by investors and companies in Asia, and most of their flat panel production was in Asia.
But I am not sure what it means to be an American company these days. Honda builds many US models in the US; Ford builds many US models outside the US.
A "California based" company named Vizio is doing pretty well in the TV business these days. Are they American? Again their stuff is built in Asia. But they are run in California.
Apple Computer is another "American company" though, again, most of the people actually bringing you Apple gear don't live in America. They work for all the contract firms Apple uses to make and ship stuff.