Monday, July 21, 2008

Syntax-Brillian Stock to Be Delisted Tuesday

Bankrupt high-definition television manufacturer Syntax-Brillian Corp. announced Monday that its securities will no longer be listed or traded on the Nasdaq Stock Market as of Tuesday morning. The Tempe, Ariz.-based business said it received word of Nasdaq’s decision on Friday via a letter that stated the grounds for de-listing were Syntax-Brillian's previously reported Nasdaq listing violations and the company's July 8 Chapter 11 filing. Syntax-Brillian had already received three de-listing warnings this year: the first for failing to report quarterly financial information, a second for having its stock price fall below the $1 per-share minimum, and a third for the bankruptcy filing. Syntax-Brillian said it does not intend to appeal the de-listing. The company is currently in the process of selling the majority of its assets to a newly created business, Olevia International Group LLC, in exchange for assuming some $60 million of Syntax-Brillian's secured debt. Until then, Syntax-Brillian has secured $7.5 million in interim, debtor-in-possession financing to fund business operations and to repay certain debts.