Audio Video News

Another one bites the dust. Syntax-Brillian, the company that brought you Olevia HDTVs and Vivitar digital cameras, has filed for Chapter 11 bankruptcy protection. Based in Tempe, Arizona, the company is selling some assets to a company, conveniently named Olevia International Group LLC which will assume $60 million of its secured debt. What's happening to the staff and the rest of the assets?

Eight employees are left in the office, including the finance chief, general counsel and finance staff, probably just wrapping up loose ends.

Home appliance maker Taiwan Kolin Co is the only company that owns more than 5 percent of Syntax-Brillian's voting shares, so no ulterior motives are obvious. Total assets are reported to be $175.7 million. Unfortunately, the debt totaled about $259.4 million. I'm not a financial genius, but those numbers don't look great to me.

In a Reuters report, the company said its business had eroded in the face of defaults under a lending agreement, a U.S. Securities and Exchange Commission inquiry and the loss of confidence of suppliers, vendors, and employees.

The Chapter 11 filing includes all the company's units except digital camera unit Vivitar, which it plans to sell.

Should we all get together and buy a digital camera company? -Leslie Shapiro

Via Reuters