Advanced Technology Video moves towards reorganization
January 23, 2003
SEATTLE - Video products manufacturer Advanced Technology Video has received a court approved extension on its deadline to file its reorganization plans.
The extension gives the company until the end of March to detail how it will achieve and maintain financial stability after filing for Chapter 11 bankruptcy protection last summer.
Shelby Beard, president and chief executive officer of Advanced Video Technology, said a plan could come as soon as the end of January. He hopes to announce the plan has been approved by the court at the ISC West show at end of March.
Ã¢â‚¬Å“Then basically weÃ¢â‚¬â„¢re a viable company moving forward,Ã¢â‚¬Â said Beard.
Since filing for bankruptcy protection the company has made several strides, including trimming its overhead costs by reducing its workforce and negotiating a new lease with its landlord that shaves $20,000 off the monthly bill.
Other initiatives include the launching of a new line of digital video recorders called Falcon and plans to unveil a new line of multiplexers with more features but less expensive than its current models.
ATV filed for bankruptcy protection last year after a series of problems mounted. The company defaulted on a line of credit at the end of 2000, was unable to secure an additional line of equity due to a pending lawsuit between Beard and two former shareholders and saw its market share decline.
According to court documents, ATV owed nearly $2 million to more than 115 creditors.