Sonicblue to File for Bankruptcy

By on March 22, 2003, 12:52 AM
SANTA CLARA, Calif. ([URL=http://story.news.yahoo.com/news?tmpl=story&ncid=581&e=3&cid=581&u=/nm/20030321/tc_nm/tech_sonicblue_dc]Reuters[/URL]) - Consumer electronics maker Sonicblue Inc. said on Friday it plans to file for bankruptcy and that it agreed to sell the assets of its main product lines for $52.5 million.

Sonicblue said it agreed to sell its Rio unit, which made the first mainstream device to play music in the popular MP3 format, and its ReplayTV digital video recorder unit to D&M Holdings of Japan for $40 million, plus the assumption of about $5 million in liabilities.

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