Candescent Technologies Files Chapter 11 and Announces a Sale of Its Assets.LOS GATOS, Calif. -- Candescent can·des·cence n. The state of being white hot; incandescence. [From Latin cand  sc Technologies Corporation and
Candescent Technologies International (together,
"Candescent"), announced on June 16, 2004 that Candescent has
executed a definitive agreement for the sale to Canon Inc., at a
purchase price of $10.75 million, of its ThinCRT flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time patent rights and certain related assets. Candescent had been, since its
incorporation in 1990, developing its ThinCRT technology with the
objective of commercializing a high-quality television display in a
thin, lightweight design. Candescent's field emission display (hardware) field emission display - (FED) A type of flat panel display in which field emitting cathodes bombard a phosphor coating causing it to emit light.A field emission display is similar to a cathode ray tube but only a few millimeters thick. intellectual property portfolio consists of over 600 patents or patent applications. Candescent also announced that on June 16, 2004 it filed a voluntary reorganization case under chapter 11 of the Bankruptcy Code in the San Jose Bankruptcy Court in part to consummate the sale, subject to a court auction and overbid o·ver·bid v. o·ver·bid, o·ver·bid·den or o·ver·bid, o·ver·bid·ding, o·ver·bids v.tr. 1. To outbid (a person) for something, as at an auction. 2. . The proceeds generated by the sale will be paid to creditors through a Chapter 11 plan and a Scheme of Arrangement under Bermuda law. The sale and Chapter 11 filings are supported by an informal committee of Candescent bondholders owed a majority of Candescent's approximate debt of $358 million. Duke Amaniampong, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Candescent, said that Candescent expects to consummate the sale during the third quarter of this year. |
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