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Syntax-Brillian gets first motions approved in bankruptcy case

in response to by
posted on Jul 09, 2008 05:21PM


Wednesday, July 9, 2008 - 3:55 PM MST

Syntax-Brillian Corp. will continue paying wages, keep its employee benefits as well as certain customer programs as part of several motions that were approved as part of its Chapter 11 bankruptcy hearings.

The motions were submitted along with the filing on Tuesday and the company had expected them to pass at the hearing in U.S. Bankruptcy Court in Delaware.

The company is seeking to restructure in order to speed a sale of some assets to the newly formed Olevia International Group, which is a subsidiary of the TCV Group, one of Syntax-Brillian's initial investors.

Tempe-based Syntax-Brillian (NASDAQ: BRLC), which makes high-definition televisions, also has received interim financing from Silver Point Finance to use as working capital.

The measures will allow the company to operate while the Chapter 11 hearings are proceeding.

The company's Vivitar brand of digital video and still cameras is not part of the bankruptcy, and the company is looking for a buyer.

Syntax-Brillian, which is facing delisting of its stock, has lost most of its market value, with shares closing at 3 cents on Wednesday.

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