Bankrupt consumer electronics maker SONICblue Inc. has completed the sale of its ReplayTV television recording service and Rio portable audio unit to Japan's D&M Holdings Inc., the parent of high-end audio equipment maker Denon Ltd.
D&M Holdings, known best for its Denon and Marantz audio and video component brands, won a bankruptcy court auction this month to acquire ReplayTV and Rio for about $36.2 million.
Late on Friday, SONICblue said the deal is complete, and that D&M also assumed selected contractual relationships and liabilities.
"We are confident that D&M represents the best possible option for the continuation of the ReplayTV and Rio products in the marketplace," said Gregory Ballard, chief executive of SONICblue, in a statement.
With the sale, debt-laden SONICblue has now shed its most important assets, including Rio, which was best known for making the first mainstream device to play music in the popular MP3 format, and also makes other portable music players.
Ballard told Reuters that all that remains at the company is some cash, a few patents and ownership of some shares in Taiwanese chip foundry United Microelectronics Corp.
Those assets are also being sold, he said. The company's bankruptcy case continues to be resolved in court.
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