Test equipment company AudioDev announced on Thusday that its board had filed for bankruptcy.
Hit by the global recession and the low investments for BD testing equipment due to the slow growth of the Blu-ray format, the company's board decided to file for bankruptcy of AudioDev AB.
"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 major customers of AudioDev AB have as a consequence of the global recession chosen to minimize their investments in 2009. It is likely that the investments will be limited next year as well. The largest share holder of AudioDev AB, Briban Invest, holding 58% of the shares, has declined to participate in an issue of new shares. The Board has therefore decided to file for bankruptcy of AudioDev AB," reads the company's announcement.
The bankruptcy does not include the subsidiaries in Germany, the US and the affiliated company in Hong-Kong.