Soyo Files for Chapter 7

May 21, in Business

Soyo may not be familiar to most of us, but they are really the people behind the Honeywell TVs. They also make LCD monitors, portable hard drives and Bluetooth ear devices. Now that you have an idea of what this company is all about, you can also note that they will soon be a company that was once standing.

The company stopped operations earlier this month and has officially filed for Chapter 7. In case you don’t know, Chapter 7 means the company is planning on liquidating its remaining assets, with no plans to reorganize under a new repayment plant to creditors.

While Honeywell wasn’t one of the top brands of TVs, its exit from the TV market is yet another sign of the ongoing shakeout taking place in the consumer electronics business. Syntax-Brillian, maker of Olevia brand HDTVs, filed for bankruptcy last summer, shortly after Philips turned over its North American TV operations to Funai.

(Source) CNet

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