Syntax-Brillian Wins Early Chpt. 11 Motions
By Greg Tarr -- TWICE, 7/10/2008
Tempe, Ariz. — Troubled LCD TV marketer Syntax-Brillian, supplier of Olevia-branded LCD TVs and Vivitar camera products, said Thursday that a Delaware bankruptcy court has approved its first-day motions in its voluntary bid for Chapter 11 protection.
Among the first-day motions, Syntax-Brillian received approval to continue wage and salary payments, honor existing employee benefits and continue certain customer programs, the company said.
Syntax-Brillian also announced it has obtained DIP financing from Silver Point Finance, which it has received court approval to access on an interim basis. This financing provides the working capital and financial resources necessary to fund the transition to new ownership.
Syntax-Brillian filed the motions July 8 as part of a voluntary filing under Chapter 11 of the U.S. Bankruptcy Code, concurrent with an asset purchase agreement to sell certain of its assets to a newly created company, Olevia International Group, LLC, which is under common ownership with TCV Group.
“We are pleased the court has approved these first-day motions which represent a significant step forward in the Chapter 11 process,” said Gregory F. Rayburn, Syntax-Brillian’s Interim CEO. “These approvals will allow us to continue business operations as normal while we complete our sale to Olevia International Group, ultimately resulting in a much stronger company that is better positioned to reach its full potential.”
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