Ch.11
SANTA CLARA, Calif., Mar 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- SONICblue(TM) Incorporated (Nasdaq: SBLU) announced today that it and three of its subsidiaries will file voluntary petitions for reorganization under Chapter 11 in the United States Bankruptcy Court of the Northern District of California, San Jose Division.
SONICblue also announced that it has signed a non-binding letter of intent with D&M Holdings Inc. (TSE II: 6735), the Japanese parent company of audio equipment subsidiaries Denon Ltd. and Marantz Japan, Inc., pursuant to which SONICblue proposes to sell the assets comprising SONICblue's ReplayTV and Rio business units for $40 million, less up to $5 million of certain assumed liabilities and subject to adjustment. In addition, SONICblue has entered into a definitive agreement with Opta Systems, LLC, a wholly owned subsidiary of Carmco Investments, LLC, which is expected to acquire substantially all of the assets of SONICblue's GoVideo business unit for approximately $12.5 million. The terms of the sale of these business units will require the approval of the Bankruptcy Court. |
