SonicBlue Files for Chapter 11 Bankruptcy Protection
The manufacturer of the Rio digital music player, Replay TV digital television recorder and GoVideo advanced video recorder, SonicBlue Inc., announced on Friday that it would seek bankruptcy protection by filing for Chapter 11 status in federal Bankruptcy Court. SonicBlue, then known as S3, acquired the Rio digital music player from Diamond Multimedia in 1999. S3 changed its name to SonicBlue in 2000. It was reported that SonicBlue had signed a nonbonding letter of intent for $40 million with D&M Holdings Inc., the Japanese corporate parent of Denon Ltd. and Marantz Japan Inc. for the purchase of SonicBlue's ReplayTV and Rio business assets. SonicBlue also announced that it had signed an agreement worth $12.5 million for the sale of its GoVideo business unit to Opta Systems LLC, a subsidiary of Carmco Investments LLC. The Chapter 11 filing will allow the products to continue to be sold while the bankruptcy is pending. The U.S. Bankruptcy Court must approve all sales of company business units and assets.
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