Feeds

Zenith files for Chapter 11

Former electronics giant takes only way out as LG steps in to take over

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

LG Electronics is to assume full ownership of Zenith Electronics, as the latter collapses into bankruptcy. Zenith makes a wide range of business and consumer electronics. It filed for Chapter 11 status yesterday at the offices of the US Bankruptcy Court in Wilmington, Delaware. It was once the leading TV set company in the US, but has struggled in recent years. The computers and IT division of Zenith was sold to Bull as Zenith Data Systems. This latest instalment in Zenith's history comes as no real surprise as the company had planned as long ago as last year to file for bankruptcy. It does so leaving debts of $200 million for LG to swallow. The transfer of debt was part of the deal which sees LG - already a majority shareholder in Zenith - assume full control. LG bought a 55 per cent stake in Zenith in 1995. It has described the fruits of this investment as "disappointing" which has to be one of the summer's best understatements. Last year, Philips pulled out of a deal to buy Zenith's TV tube manufacturing plant putting 2,000 jobs in jeopardy. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.