The television manufacturer Syntax-Brillian filed for Chapter 11 bankruptcy, for the purposes of corporate reorganization, the company announced Tuesday.
One of the company’s units, the camera brand Vivitar, is not included in the bankruptcy, and will be sold off, the company said. Meanwhile, the company will sell some assets to a newly created company called Olevia International Group, LLC., after Syntax-Brillian’s Olevia TV line.
“Following a careful review of all of our alternatives, Syntax-Brillian’s management and Board of Directors – working in close consultation with outside legal and financial advisors – unanimously determined that a sale, expedited through the Chapter 11 process, represents the best long-term solution for our retail partners, suppliers, employees and consumers,” the company’s interim CEO, Gregory F. Rayburn, said in a statement issued by the company.
The company will likely be delisted from the NASDAQ, it said.
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