ReplayTV maker Sonicblue to file for Chapter 11

[Dave Farber <dave () farber net>]

------ Forwarded Message
From: Dewayne Hendricks <dewayne () warpspeed com>


[Note:  I guess I'm not surprised at this news, but as a ReplayTV
owner as are some other folks on this list, I'm concerned about the
future of the product.  Let's hope for the best for all concerned.
DLH]

ReplayTV maker Sonicblue to file for Chapter 11
Fri March 21, 2003 09:27 AM ET
<http://reuters.com/newsArticle.jhtml?type=topNews&storyID=2423476>

SANTA CLARA, Calif., March 21 (Reuters) - Consumer electronics maker
Sonicblue Inc. SBLU.O said on Friday it plans to file for Chapter 11
bankruptcy protection and sell the assets of its main product lines.

Sonicblue said it has agreed to sell its Rio unit, which made the
first mainstream device to play music in the popular MP3 format, and
its ReplayTV digital video recorder unit, which competes with TiVo
Inc TIVO.O , to D&M Holdings 6735.T of Japan for $40 million plus the
assumption of about $5 million in liabilities.

D&M is the parent company of well-known audio equipment makers Denon
Ltd. and Marantz Japan Inc.

It also agreed to sell its GoVideo unit, which makes DVD players and
other devices, to Opta Systems LLC, which is owned by Carmco
Investments LLC, for $12.5 million. Opta Systems Vice Chairman Roger
Hackett is a former Sonicblue executive who helped to develop the
GoVideo product line.

Sonicblue said it obtained an additional $4 million in additional
financing from its senior secured lender. The company anticipates the
sale of its assets will be completed by the end of April, 2003,
pending approval of the bankruptcy court and regulatory agencies.

The company plans to file for bankruptcy in the northern district of
California, San Jose division.

Archives at: <http://Wireless.Com/Dewayne-Net>
Weblog at: <http://weblog.warpspeed.com>


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