AudioDev board files for bankruptcy
Shock news came on Monday June 15 as test equipment company AudioDev announced that its board had filed for bankruptcy. This does not, however, mean the end of AudioDev, stressed newly-appointed president Marianne Sernevi, who told One to One that the company will continue to exist, albeit in a different form. "Because of the lack of investments for BD testing equipment in the market caused by the global recession and slow growth of the BD format.
We see this situation continuing into next year, though it will improve, and we need to adapt to the market."
AudioDev is a public company, and this is a quick way to delist it, and restructure the company into a leaner and more efficient private entity.
According to the company’s website, as a consequence of AudioDev’s liquidity situation and the very low demand in the market, the board has explored the possibilities of issuing new shares. The largest share holder of AudioDev AB, Briban Invest, holding 58% of the shares, declined to participate in an issue of new shares, leading the board to file for bankruptcy of AudioDev AB. The bankruptcy does not include the subsidiaries in Germany, the US and the affiliated company in Hong-Kong.
Parity Outer Failure!