NuVision to Liquidate All Assets
NuVision is liquidating all assets and shutting down, saying its liabilities "far exceed" company assets.
NuVision, the Phoenix-based manufacturer of high-end LCD and LED flat panels, has notified its creditors that it is liquidating all its assets and shutting down.
It was rumored in July 2011 that NuVision was attempting some sort of reorganization. The company was backed by Cat Trail Capital, an investment firm.
A letter from a law firm representing the board of directors was sent to unsecured creditors on Sept. 9. It states: “Please be advised that due to the continued distressed economic situation that the company has experienced over the last several years, the Company’s Board of Directors has made the decision to liquidate the assets of the company and commence winding up of the Company.” Click here to view entire letter (.PDF).
The letter goes on to inform unsecured creditors that NuVision’s liabilities to its secured creditor “far exceed the Company’s assets,” and it is unlikely that unsecured creditors will receive anything.
NuVision products were once highly praised by integrators for their quality and higher prices that maintained some dealer margin. NuVision had tried to step into the void left when Pioneer Elite dropped its factory direct sales program for its flat panels. At CEDIA Expo 2010 in Atlanta, NuVision’s Lucidium NVUFX5LS Super Slim Edge Lit LED LCD was a finalist in the Sustainable Lifestyle Product Innovation category.
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Jason Knott is Chief Content Officer for Emerald Expositions Connected Brands. Jason has covered low-voltage electronics as an editor since 1990, serving as editor and publisher of Security Sales & Integration. He joined CE Pro in 2000 and serves as Editor-in-Chief of that brand. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He has been a member of the CEDIA Business Working Group since 2010. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at email@example.com
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