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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (11383)	3/22/2003 8:16:39 PM
From: afrayem onigwecher	Respond to of 19428

Report: Sonicblue to file for Ch. 11 Electronics maker may sell main product line By CBS.MarketWatch.com Last Update: 11:54 PM ET March 21, 2003 SAN JOSE (CBS.MW) -- Sonicblue said Friday it plans to file for bankruptcy protection and has agreed to sell the assets of its main products lines for $52.5 million, according to media reports. The Associated Press quoted L. Gregory Ballard, SonicBlue's chief executive, as saying the bankruptcy will allow the product lines to continue while their sale is finalized. Sonicblue (SBLU: news, chart, profile) has agreed to sell its Rio unit, which made the first device to play music in the MP3 format, and its ReplayTV digital video recorder unit to Japan's D&M Holdings (JP:6735: news, chart, profile) for $40 million, plus the assumption of about $5 million in debts. But D&M said it is still in talks with Sonicblue. On Wednesday, the company posted a net loss of $33.4 million, or 34 cents per share, compared with a loss of $52.6 million, or 57 cents per share, in the same period last year. Sales declined to $67 million, down from $79.6 million a year ago, the AP reported. The company reported debt and liabilities of $305 million. Assets also were listed at $305 million. In September, SonicBlue announced it was cutting its work force by 25 percent. Shares of SonicBlue fell 17 cents, or 73.9 percent, to close at 6 cents Friday.