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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.
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