Syntax-Brillian Corp (MM) (NASDAQ:BRLC)
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From Jun 2019 to Jun 2024
Syntax-Brillian Corporation (Nasdaq: BRLC), a leading manufacturer and
marketer of LCD HDTVs, digital cameras and consumer electronics
products, today announced that on July 9, 2008, it obtained interim
Bankruptcy Court approval for, and entered into, a debtor-in-possession
(DIP) financing agreement with various lenders and Silver Point Finance,
LLC, and has secured up to $7.5 million on an interim basis. The funds
will be used to continue business operations through a sale of
substantially all of its assets to Olevia International Group, LLC, and
to pay, according to Court authority, a portion of its obligations
incurred prior to filing a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware.
Separately, the Company announced that on July 14, 2008 it received a
Nasdaq Staff Determination Letter stating that the filing of the Chapter
11 petitions serves as an additional basis for delisting the Company’s
securities from the Nasdaq Stock Market, in accordance with Nasdaq
Marketplace Rules 4300, 4450(f) and IM-4300. The Company does not intend
to appeal or otherwise respond to this determination. The Nasdaq Listing
Qualifications Panel will consider the record as presented at the April
3, 2008 Listing Qualifications Panel hearing, related to the Company’s
inability to timely file its Forms 10-Q for the quarters ended December
31, 2007 and March 31, 2008 and will make its determination based upon
that information.
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.