AfterDawn: Tech news

SonicBlue fails to sell its assets to D&M

Written by Petteri Pyyny (Google+) @ 02 Apr 2003 13:37

SonicBlue, the company which is well-known of its mega-popular digital multimedia products such as Rio MP3 player and ReplayTV PVR devide, filed a Chapter 11 bankruptcy in last month, but said that it is prepared to sell its brands to Japanese D&M Holdings in order to save some of its shareholders' value. Now that deal has failed.
Bankruptcy court set a deadline for SonicBlue's reorganization arrangements, but SonicBlue failed to finalize the deal with D&M before the deadline. This means that company's main assets, Rio and ReplayTV, are to be auctioned on 15th of April. Company's other products, such as GoVideo line of dual-deck VCRs, will be auctioned at 4th of April. SonicBlue had more than $330M of debt in November last year.

Source: InternetNews.com

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