E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 8/25/2008 in the Prospect News Distressed Debt Daily.

Syntax-Brillian $60 million asset sale approved

By Caroline Salls

Pittsburgh, Aug. 25 - Syntax-Brillian Corp. received court approval to sell some of its assets to newly created company Olevia International Group, LLC, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to Monday's order, no competing bids were received.

The new company is under common ownership with TCV Group, which is one of Syntax-Brillian's original partners for industrial and mechanical design and the provider of plastic injection molded parts for the Olevia branded high-definition widescreen LCD televisions.

Under the asset purchase agreement, Olevia International Group has agreed to assume $60 million of Syntax-Brillian's secured debt.

The sale must close by Sept. 2, subject to a buyer's option to extend the closing deadline to Sept. 15.

Syntax-Brillian is a Tempe, Ariz.-based designer, developer and distributor of LCD HDTVs, digital cameras and microdisplay entertainment products. The company filed for bankruptcy on July 8. Its Chapter 11 case number is 08-11407.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.