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High End TV Company Goes Broke

Post Time:Sep 19,2011Classify:Company NewsView:316

 

Advance Audio Australia has lost their NuVision display range after the US Company said they are shutting up shop and that unsecured creditors will not get any money.

 

Launched at CEDIA two years ago, the US  manufacturer of high-end LCD and LED display screens, has notified its creditors that it is liquidating all its assets and shutting down.

 

When the companies products were launched in Australia ChannelNews questioned the viability of the display range, which was selling for double the price of a similar TV from Panasonic,

 

Last week the company that was financed by investment firm Cat Trail Capital, used lawyers to send a letter to unsecured creditors on Sept. 9. It states: "Please be advised that due to the continued distressed economic situation that the company has experienced over the last several years, the Company's Board of Directors has made the decision to liquidate the assets of the company and commence winding up of the Company."

 

The letter goes on to inform unsecured creditors that NuVision's liabilities to its secured creditor "far exceed the Company's assets," and it is unlikely that unsecured creditors will receive anything.

NuVision had tried to step into the void left when the Pioneer, Elite and Kuro exited the display market.

 

Source: http://www.channelnews.com.auAuthor: shangyi

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