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Vidikron Explores Chapter 11

Vidikron Technologies says its banker has essentially seized the cash assets of Vidikron of America, and that as a result both it and its U.S. subsidiary may have to seek protection from creditors and file a Chapter 11 bankruptcy petition.

Vidikron, formed at the end of last year through the merger of Italian high-end projection TV maker Vidikron and Projectavision of the U.S., said “PNC Bank has exercised its right of setoff” against Vidikron funds on deposit and is notifying all Vidikron customers to make payments directly to the bank. Under the terms of its banking agreement, Vidikron is required to maintain all its accounts and deposits with PNC.

Vidikron, which reported a net loss of $9.3 million for last year and recently underwent a total U.S. management overhaul, says it is seeking to avoid the need for a Chapter 11 filing by obtaining new capital, getting improved terms on outstanding debt issues and trying to have some outstanding debt converted into an equity investment.