Business Services Industry
A Novo Broadband sells for a song. (Upfront: latest news and insight).(Brief Article)
CED, August, 2003
A Novo Broadband said it completed the sale of its assets and operations to Teleplan Videocom Solutions Inc. for $1.8 million in Teleplan also assumed undisclosed liabilities. A Novo, a New Castle, Del.-based outfit that repairs cable modems and set-tops, filed for bankruptcy in December 2002.
The U.S. Bankruptcy Court of the District of Delaware approved the sale. A Novo also plans to liquidate its remaining assets, including net proceeds of the sale to its creditors.
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