Three-Five Systems files Chapter 11, says report
Sep 12, 2005
Three-Five Systems Inc. has filed a voluntary Chapter 11 bankruptcy petition with the U.S. Bankruptcy Court in Arizona, and plans to sell off its assets and subsidiaries, the company said late Thursday.
Tempe-based Three-Five Systems (OTCBB: TFSI), the No. 1 company on The Business Journal's 1995 AzTech 50 list as a producer of liquid-crystal displays, spun off its liquid-crystal display business into Brillian Corp. (NASDAQ: BRLC) in September 2003.
Following the Brillian spinoff, Three-Five Systems specialized in electronics manufacturing services to original equipment manufacturers.
According to Three-Five Systems, its foreign subsidiaries are not included in the bankruptcy filing, and its subsidiary TFS Electronic Manufacturing Systems already filed bankruptcy.
According to Thursday's announcement, Three-Five Systems management is working with potential interested buyers for the company's assets and does not expect to need post-petition financing. The company also does not plan to file a Form 10-Q financial report for the period ended June 30.