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RIP Olevia; Syntax-Brillian Corp files for bankruptcy

by Indraneel Purohit on Jul 9, 2008 at 12:18 AM

olevia

The Tempe, Arizona based Syntax-Brillian Corp has filed for Chapter 11 bankruptcy, after weak sales and numerous other problems.  The corporation, formed when Syntax Group and Brillian Corp merged, is the parent of the Olevia brand of LCD TVs, which will no longer be produced.  Syntax-Brillian’s assets were worth $175.7 million, but their debts totaled $259.4 million.  Shares of the company have plummeted 91% over the past year.  Certain assets will be sold to a new company, Olevia International Group LLC.  The company’s digital camera brand, Vivitar, will also be sold.  Syntax-Brillian’s stock was worth 46 cents on Monday.

Read [Reuters]

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