JULY 2008 W3 SPECIAL ALERTSyntax-Brillian Gets $7.5 million in DIP Financing; Loses Listing on NASDAQ Stock Market
Syntax-Brillian Corporation, once a rising star in the flat panel television business, announced today that they have secured Bankruptcy court approved debtor-in-possession (DIP) financing with Silver Point Finance, LLC and other unnamed lenders providing a total credit facility of $7.5 million. The company intends to use the funds to finance operations during the process of selling their assets to Olevia International Group, LLC.
The company also says some of the funds will be used to pay a portion of their pre-petition debts as well.
The company additionally announced that they have received notice from the NASDAQ indicating that their recent Chapter 11 filing is yet another basis upon which to delist the company’s stock from the NASDAQ Stock Market.
The company has said it will not oppose this decision from the NASDAQ.