April 1, 2003 11:06 AM PST

Sonicblue to auction off units

Related Stories

Sonicblue pins hopes on holiday pricing

October 21, 2002

Judge hits rewind on ReplayTV case

August 16, 2002

Sonicblue replaces CEO

August 8, 2002
Sonicblue will put on the auction block its ReplayTV digital recorder and Rio MP3 business units, which represent the bulk of the company's assets, Sonicblue announced Tuesday.

Sonicblue, which filed for Chapter 11 bankruptcy protection last month, had hoped to sell the business units to Japanese electronics company D&M Holdings for $40 million. But the deadline expired before the deal could be completed.

ReplayTV and Rio will be auctioned off April 15, in two separate bankruptcy court transactions.

"While we worked very hard with the D&M team over the last few weeks, we were just not able to finalize all of the needed terms before the court-set deadline," Sonicblue CEO Greg Ballard said in a statement. "Our relationship with D&M is still strong, and we anticipate that they will participate in the court-run action process in April."

D&M previously had a nonbinding letter of intent to acquire the two business units.

Sonicblue said it will also put a third business unit, GoVideo, up for auction on Friday. Previously, Opta Systems had entered into a definitive agreement to buy the networked DVD player business for $12.5 million.

The pending auctions come roughly four months after Sonicblue announced it would seek a buyer as part of its strategic plans.

 

Join the conversation

Add your comment

The posting of advertisements, profanity, or personal attacks is prohibited. Click here to review our Terms of Use.

What's Hot

Discussions

Shared

RSS Feeds

Add headlines from CNET News to your homepage or feedreader.