Syntax-Brillian Corporation Receives Court Approval of Its First Day Motions; Allows Company to Continue to Provide Wages, Honor
July 09 2008 - 6:00PM
Business Wire
Syntax-Brillian Corporation (Nasdaq: BRLC), a leading manufacturer
and marketer of LCD HDTVs, digital cameras and consumer electronics
products, today announced it has received approval from the United
States Bankruptcy Court for the District of Delaware for its first
day motions. These motions were submitted July 8, 2008, as part of
the company�s voluntary filing under Chapter 11 of the U.S.
Bankruptcy Code, concurrent with its announced 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. Among the first day motions, Syntax-Brillian
received approval to continue wage and salary payments, honor
existing employee benefits and continue certain customer programs.
In addition, Syntax-Brillian 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. "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, Interim Chief
Executive Officer of Syntax-Brillian. "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." The Chapter 11 cases will be jointly administered in
the Bankruptcy Court under Case No. 08-11407 (BLS). Additional
information about the filing is available on the company's website
at www.syntax-brillian.com and http://chapter11.epiqsystems.com.
About Syntax-Brillian: Syntax-Brillian Corporation
(www.syntaxbrillian.com) is one of the world's leading
manufacturers and marketers of LCD HDTVs, digital cameras, and
consumer electronics products. The Company's lead products include
its Olevia(TM) brand (www.Olevia.com) high-definition widescreen
LCD televisions -- one of the fastest growing global TV brands --
and Vivitar brand (www.vivitar.com) digital still and video
cameras. Syntax-Brillian has built an Asian supply chain coupled
with an international manufacturing and distribution network to
support worldwide retail sales channels and position the Company as
a market leader in consumer digital entertainment products.
Forward-looking Statements: Certain statements contained in this
press release may be deemed to be forward-looking statements under
federal securities laws, and Syntax-Brillian intends that such
forward-looking statements be subject to the safe harbor created
thereby. Syntax-Brillian cautions that these statements are
qualified by important factors that could cause actual results to
differ materially from those reflected by the forward-looking
statements contained herein. Such factors include changes in
markets for the Company's products; changes in the market for
customers' products; the failure of the Company's products to
deliver commercially acceptable performance; the ability of the
Company's management, individually or collectively, to guide the
Company in a successful manner; and other risks detailed in
Syntax-Brillian's Annual Report on Form 10-K for the fiscal year
ended June 30, 2007 and subsequent filings with the Securities and
Exchange Commission. Brillian and Vivitar are trademarks or
registered trademarks of Syntax-Brillian Corporation. All other
trademarks are the property of their respective owners.
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