Walnut, Calif. - Apex Digital, which made its name more than 10 years ago as one of a number of Asian factory partnered upstarts that pushed down pricing on DVD players, filed a voluntary petition for Chapter 11 bankruptcy protection Tuesday.
"We are fully committed to supporting existing U.S. customers of televisions and other products sold under the Apex Digital brand," the company said in a statement announcing the move.
Apex said it will pursue approval of a restructuring plan to modify the company's business model to enable it to expand its consulting business by leveraging global business connections and focusing on growing its green energy lighting products line.
Apex also said it will "ensure that there will be no disruption to existing, or future, business and any pending orders."
The trademark "Apex Digital" is owned and licensed by independent third parties not affected by the Chapter 11 petition.
To facilitate a seamless transition for its customers and vendors, Apex is working with the new licensee and intends to continue providing customer support and warranty service for all Apex Digital products in the U.S. without interruption. The company said that it has necessary working capital to operate its business normally under the jurisdiction of the Bankruptcy Court.
"We are fully committed to supporting existing U.S. customers of televisions and other products sold under the Apex Digital brand," said David Ji, Apex Digital president and CEO. "This restructuring plan allows Apex to grow its business in a new direction capitalizing on the increasing demand for green energy. This is an area where we have a proven track record and a number of new products under development."