Syntax-Brillian Corp (MM) (NASDAQ:BRLC)
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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.