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Is the Olevia company going bankrupt?

post #1 of 28
Thread Starter 
It looks Syntax-Brillian ,the company making Olevia is in deep trouble.

http://blogs.barrons.com/techtraderd...#comment-59695

It says they owe $137 million which they defaulted on. Now their lenders cut off thier credit and are enforcing control over them to protect their money.

I was going to buy an Olevia for the bedroom but was afraid that warranty and tech support would be gone if the company goes under.
post #2 of 28
Even if they are going under buy one from Best Buy/Circuit City and get an extended warranty on it. Then it's the store's responsibility to fix and you don't have to worry if the other company flops.
post #3 of 28
Thread Starter 
After adding the price of an extended warranty, I could probably just buy a toshiba or philips instead. Another reason I like the Olevia TVs is that they have the USB firmware upgrades. If they go under, the firmware upgrades goes along with them.

I thought their TVs sold pretty well during black friday. Wonder, how they can be $137 million in the hole. I hope the company isn't stealing money from shareholders.
post #4 of 28
Sales don't necessarily mean profits.
post #5 of 28
Buy at costco. Take it back anytime within 5 years and they will replace it, no questions asked.
post #6 of 28
I just bought am Olevia 747i from Target on 2/21. I also saw this info linked in the 747i thread AFTER I purchased it. You would think that I just purchased stock and not a television because every time I've purchased stock it has gone straight into the crapper
post #7 of 28
Quote:
Originally Posted by finaldiet View Post

Buy at costco. Take it back anytime within 5 years and they will replace it, no questions asked.

Costco has had a 90 day return policy on tvs for months now.
post #8 of 28
Why?

HQV based Olevia brand TVs are the most advanced LCD TVs in the market seconded to none for video processing and the panel quality is almost as good if not equal to Sony.

They're in financial trouble because they're selling very expensive TVs for bargain basement prices.....
post #9 of 28
^^^ I guess what D&D is trying to say is that he'd rather have an HDTV from a company likely to be around in case a problem arises with his/her HDTV in a few weeks/months/years that will not show up immediately. I'm happy with my Olevia 747i and would gladly buy another one or two as gifts for friends and relatives if I had money (that Realta HQV sure is amazing), but would not recommend to these same relatives that they chance it purchasing Olevia LCD's with their own money. Hopefully Olevia's financial outlook will improve and I'll be able to happily recommend top-tier Olevia HDTV's (specifically the 747i, which is the best bang-for-buck 1080p LCD on the market right now) to friends and relatives knowing the company will still be around to back them up, just in case.
post #10 of 28
Syntax Brillion declared chapter 11 bankruptcy today according to Engadget. Info (sorry, can't post a link) at

uk.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUKBNG26101120080708
post #11 of 28
Two things I'm concerned with-

1) Is this a real bankruptcy or a re-org bankruptcy like KMart did in 2003, recently (they stayed in business)?
Maybe no reason to even worry really. Everyone panic'd about Kmart too. I wish I would have bought their stock for pennies in 2003.

2) If a person buys a 2nd source/in store warranty, what does the fine print say about defunked companies?
In my case the warranty is $279/3yr....the 42" 1080p is only $650.
post #12 of 28
Who knows? Maybe somebody like LG or Sharp may buy them up to keep them alive.
post #13 of 28
It looks like Corp. Re-org., they didn't go under just protection. I wouldn't let it deter you from buying one, companies rebound all the time.

K-Mart is a great example and hey Donald Trump's Real Estate company filed for Bk protection once upon a time ago, and I think he's doing OK.
post #14 of 28
yes, someone just turned me on to another thread that mentioned they are doing fine and warrantys will be intact. its a 11, I guess this stops the financial bleeding of the company.

Syntax-Brillian will continue to pay wages and salaries, honour existing employee benefits, and continue certain customer programs. A spokesperson for Syntax-Brillian confirmed that, despite what other reports might imply, customer warranties will indeed continue to be honoured by the company throughout the process, and going forward under the new ownership.


the link was 7/10 in marketnews.

I think I'll send in the warranty card/registration.

thanks for response. time will tell for sure, but it starting to sound ok.
post #15 of 28
yeah people hear Bankruptcy without knowing any of the details or know that they are different types of BK chapters you can file, eveyone automatically thinks they are going out of business and the sky is falling.
post #16 of 28
Guess that Olevia just couldn't compete with the Vizios and Westinghouses of the world when it came to budget sets, I take it... Of course, now that big brands are becoming more affordable, then I'd say that Samsung is probably outselling those, think there was an article about that.
post #17 of 28
From what I've read Olevia tried to be too aggresive on the International scene and over extended themselves.

I'm not sure how Westinghouse is doing, I would assume they are strumming right along, kind of in a way where they now how much to produce and keep within certain parameters to keep them going strong.

Vizio is still going pretty strong, Q2 results aren't out but Q1 had them in a neck and neck horse race with Samsung and Sony. with only .3% separating #1 from #3. in LCD sales, Samsung and Vizio were 1 and 2 in overall sales (includes Plasma's)

Q2 is going to be really interesting with Samsung's 7 series out getting over the top reviews and the big price reduction on such sets as the their LNA330 and Vizio unleashing the 32 in Plasma's and their success with the VO32 line.
This is going to get good.
post #18 of 28
Oh yeah, I agree, the A750 is really a big seller, glad I jumped on it when I did before they sold out of it in less than two days after they got them in stock. At least mine's probably going to be factory fresh, I can guarantee you that. Just wish that Olevia would've seen the bigger brands finally getting the average joe's respect.
post #19 of 28
I hear ya, It took me two trips to get my Vizo at BJ's, sold out the first time and when I went a week later I got one of the remaining two left, I wasn't going to go back a third time.

I bought mine about a month ago with an April Mnf, date on it, so that made me happy.

It's too bad about Olevia, I think they'll bounce back, I'm sure their international routes will be one of the first cuts to go.
post #20 of 28
Quote:
Originally Posted by coolcatbro View Post

I wish I would have bought their stock for pennies in 2003.

You would have lost every dollar you would have invested. They canceled that stock when they went into bankruptcy and re-issued new stock at a much higher price.
post #21 of 28
i got my 232v last august and it's still working perfectly but i hate the heat it gives off besides that best tv for under $500. That being said i got the 3 year warranty from CC and thinking about returning it (can prob find something to complain about or a pixel dead somewhere). Since theyve been discontinued do you guys know if they'll give me a refurb. or store credit, offer a new tv or what?
post #22 of 28
Just about all LCD's and especially Plasma's pump out some serious heat. I don't think you'll be happy with the heat from any other LCD. If it works fine and you like it, just keep it and save yourself the hassel.
post #23 of 28
go with a reputable company like samsung and sony they make great product and stand behind it. you get what you pay for
post #24 of 28
Quote:
Originally Posted by j4nash View Post

go with a reputable company like samsung and sony they make great product and stand behind it. you get what you pay for


What is that supposed to mean? Do you think Samsung or Sony is going to stand behind their product and pick up the tab for parts and labor for out of warranty issue's? If you do you're in for a rude awakening.
post #25 of 28
Sony now offers a full six year warranty. so by the time six years is past there will be something much better anyway!
post #26 of 28
You can buy multiple years from just about any company. Even Vizio has a 4 year ext-warranty.

Will Sony pick up the tab if your TV needs repair if it's out of warranty?
post #27 of 28
Quote:
Originally Posted by j4nash View Post

Sony now offers a full six year warranty. so by the time six years is past there will be something much better anyway!

Since when?
post #28 of 28
News Press:

By Pratish Narayanan

BANGALORE, July 8 (Reuters) - U.S. television set and digital camera maker Syntax-Brillian Corp (BRLC.O: Quote, Profile, Research) filed for Chapter 11 bankruptcy protection on Monday after a year of weak sales, litigation, executive changes, accounting problems and liquidity concerns.

The seller of the Olevia brand of LCD TVs, formed with the November 30, 2005 merger of Syntax Groups and Brillian Corp, sought protection from creditors with the U.S. bankruptcy court in Delaware, court papers show.

Tempe, Arizona-based Syntax-Brillian also entered into a deal to sell certain of its assets to a newly created company called Olevia International Group LLC, which has agreed to assume $60 million of its secured debt.

The company, which is negotiating with lenders to secure financing, has stopped operations in Tempe and is left with about eight employees there, including its finance chief, general counsel and finance staff.

Court papers listed home appliance maker Taiwan Kolin Co (1606.TW: Quote, Profile, Research) and affiliates as the only entity owning more than 5 percent of Syntax-Brillian's voting shares.

Among its creditors are Singapore-based WesTech Electronics Ltd (WTEH.SI: Quote, Profile, Research), Taiwan's Compal Electronics (2324.TW: Quote, Profile, Research), cable sports network ESPN Inc and Taiwan's Digimedia Technology Co.

Syntax-Brillian's total assets were about $175.7 million, against total debts of about $259.4 million, as of the beginning of June this year, court papers showed.

The company said its business had eroded in the face of defaults under a lending agreement, a U.S. Securities and Exchange Commission enquiry and the loss of confidence of suppliers, vendors and employees.

Syntax-Brillian, whose shares have crashed more than 91 percent over the past year, tried to raise capital, refinance debt and restructure its business -- all of which proved impossible, according to court papers.

The company said on Tuesday Michael Garnreiter is the sole remaining member of its board of directors. Gregory Rayburn, who became interim CEO after the company fired James Ching Hua Li earlier this month, will remain in the position.

The Chapter 11 filing includes all of the company's units except digital camera unit Vivitar, which it plans to sell.

Shares of the company closed at 46 cents on Monday on Nasdaq. (Editing by Rory Channing and Sue Thomas)
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