Olevia TV maker Syntax files for Chapter 11
Syntax-Brillian, makers of the Olevia line of inexpensive LCD TV’s, has filed for Chapter 11 bankruptcy.
More details of the bankruptcy are expected by the end of August, but based on what’s known so far the company will be selling off it’s Vivitar digital camera business as well as trying to sell off it’s assets to Olevia International Group, a newly created company owned by TCV Group, a supplier for Syntax.
If the deal is transaction is approved by the US Bankruptcy Court, Olevia International Group will assume $60 million of Syntax-Brillian’s secured debt.
I don’t expect the Olevia line of TV’s to die off as a result of this filing, they’ll just be coming from a different company that will likely use many of the same components that Syntax-Brillian used to build the sets. Essentially, the TV’s will likely be the same.
The company “expects that shares of its common stock will have no value as a result of the reorganization and subsequent transaction.”