Picvue Announces Auction of LCD Glass Subsidiary Assets

Taiwan-based STN LCD maker Picvue Electronics on November 7 announced the opening of an auction for assets of its subsidiary Picvue Optoelectronics International (POI), a glass substrate maker, with the auction to end on November 14, according to a company filing with the Taiwan Stock Exchange (TSE).

The auction will include bids for equipment and precious metals at POI’s glass furnaces, with a guarantee fee set at NT$30 million (about US$913,938), the filing indicated.

The auction will be hosted by the Taiwan Cooperative Bank, which, along with six other banks, signed a NT$3 billion loan with POI on March, 2004, the filing said, adding that POI still has unpaid loans of NT$1.86 billion.

As of September, 31, 2006, Picvue had a 76.57% stake in PQI, the filing said.

In September, Picvue filed for reorganization with the Hsinchu District Court, according to a TSE filing by Picvue. Picvue also requested the court to issue temporary restrictions on fulfilling the company's obligations and considering claims against the company, according to the filing.

600450 Picvue Announces Auction of LCD Glass Subsidiary Assets glassonweb.com

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