Launched at CEDIA two years ago, US manufacturer of high-end LCD and LED display screens NuVision has informed its creditors that it is liquidating all its assets and shutting down.
Advance Audio Australia has lost its NuVision display range after the US company said it is closing and that unsecured creditors will not get any money.
Launched at CEDIA two years ago, the US manufacturer of high-end LCD and LED display screens has informed its creditors that it is liquidating all its assets and shutting down.
When the company’s products were launched in Australia, the viability of the display range, which was selling for double the price of a similar TV from Panasonic, LG or Samsung, was questioned.
In mid-September, the company that was financed by investment firm Cat Trail Capital, used lawyers to send a letter to unsecured creditors stating: “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.”
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 had tried to step into the void left when the Pioneer, Elite and Kuro left the display market.