Personics Files For Protection

Personics Corp. of Redwood City has filed for bankruptcy protection after running short of cash in its efforts to introduce customized audiotaping in record stores. The company, launched with more than $27 million invested by Time Warner and Robert Bass, failed to complete a new round of financing last month. But Federal Court filing said new funding is still anticipated and listed an excess of assets ($8.2 million) over liabilities ($7.3 million).

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety

Loading