ATVÃ¢â‚¬â„¢s bankruptcy reorganization gets the thumbs up
July 3, 2003
REDMOND, Wash. - Video systems company Advanced Technology VideoÃ¢â‚¬â„¢s reorganization from Chapter 11 bankruptcy has received federal bankruptcy court approval, a year after the company initially filed for bankruptcy protection.
Over the past year, the company has made several strides, such as launching a new line of digital video recorders, reducing overhead costs by cutting staff and negotiating a less expensive lease with its landlord.
Shelby Beard, president and chief executive officer of Advanced Technology Video, expressed his appreciation to the companyÃ¢â‚¬â„¢s employees, suppliers and customers for their continued support through the reorganization process. He said the reorganization process would not have been possible without Ã¢â‚¬Å“the loyalty to ATV shown by everyone involved.Ã¢â‚¬Â
As part of reorganizing, ATV had to detail how it planned to achieve and maintain financial stability.
Last year the company filed for Chapter 11 bankruptcy protection when it was faced with more than $2 million owed to creditors, but was unable to secure an additional line of equity due to a pending lawsuit between Beard and two former shareholders.