Syntax-Brillian seeks exclusivity extension amid asset sale roadblock

By Caroline Salls

Pittsburgh, Nov. 6 - Syntax-Brillian Corp. is seeking an extension to its exclusive periods to file a plan of reorganization or solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period by 90 days to Feb. 3 and the solicitation period by 62 days to April 6.

Because of its asset purchaser's failure to comply with an order forcing it to close on the sale, Syntax-Brillian said it was forced to reevaluate its options for maximizing the value of the assets for creditors.

Since it seems that the buyer has no intention of closing on the sale, the company said it is evaluating its liquidating alternatives, including whether to seek confirmation of a liquidating Chapter 11 plan or allow a Chapter 7 trustee to liquidate the assets.

Syntax-Brillian is a Tempe, Ariz.-based designer, developer and distributor of LCD HDTVs, digital cameras and microdisplay entertainment products. The company filed for bankruptcy on July 8. Its Chapter 11 case number is 08-11407.

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