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Syntax-Brillian Corp., Tempe, Ariz., a leading manufacturer and marketer of LCD HDTVs, Vivitar digital cameras, and consumer electronics products, received approval from the United States Bankruptcy Court for the District of Delaware for its first day motions. These motions were submitted July 8 as part of the company’s voluntary filing under Chapter 11 of the U.S. Bankruptcy Code, concurrent with its announced asset purchase agreement to sell certain of its assets to a newly-created company, Olevia International Group LLC,

which is under common ownership with TCV Group.

  Among the first day motions, Syntax-Brillian received approval to continue wage and salary payments, honor existing employee benefits and continue certain customer programs. In addition, Syntax-Brillian obtained DIP financing from Silver Point Finance, which it has received court approval to access on an interim basis. This financing provides the working capital and financial resources necessary to fund the transition to new ownership.

  Syntax-Brillian in still looking to sell of Vivitar, the company’s brand of digital still and video cameras. The sale process will occur separately from Syntax-Brillian’s Chapter 11 filing, as Vivitar is excluded from that filing and continues to conduct business as usual.

  Separately, Syntax-Brillian announced on July 14 it received a NASDAQ Staff Determination Letter stating that the filing of the Chapter 11 petitions serves as an additional basis for delisting the company’s securities from the NASDAQ Stock Market, in accordance with NASDAQ Marketplace Rules 4300, 4450(f) and IM-4300. Syntax Brillian says it does not intend to appeal or otherwise respond to this determination.