Another one bites the dust...
DIVA Systems Corporation in reorganization
Music Industry News - as it happens
Source: Mi2N - May 30, 2002
DIVA Systems Corporation has filed both for Chapter 11 reorganization under
the US Bankruptcy Code, and a voluntary, pre-negotiated plan of
reorganization which provides for a wholly-owned subsidiary of Gemstar-TV
Guide to acquire, "substantially all of DIVA's assets, and for Gemstar-TV
Guide to be a joint proponent of the plan."
The company DIVA will receive shares of Gemstar-TV Guide Common Stock for
distribution to DIVA's creditors, "in accordance with the terms of the plan
of reorganization, and Gemstar-TV Guide will own DIVA's technology and
"DIVA intends to continue to work closely with its MSO customers, AT&T
Broadband, Charter Communications, and Insight Communications, to provide
quality video-on-demand (VOD) products and services through the transition
to Gemstar-TV Guide," said Henk Hanselaar, DIVA's President and CEO.
Related News from Mi2N:
» DIVA Files For Chapter 11 Reorganization