VIDEO DISPLAY CORPORATION (OTCMKTS:VIDE) Files An 8-K Bankruptcy or ReceivershipItem 1.03 Bankruptcy or Receivership
On February 10, 2017, Registrant’s wholly owned subsidiary, Lexel Imaging Systems, Inc, a Delaware corporation, which is based in Lexington, Kentucky (“Lexel”) filed a voluntary petition (the “Bankruptcy Petition” and the case commenced thereby, the “Chapter 11 Case”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Kentucky, Lexington Division (the “Court”). The Lexel’s Chapter 11 Case is being administered under the caption Lexel Imaging Systems, Inc, a Delaware corporation, et al. (Case No. 17-50240).
No trustee has been appointed, and the Debtor will continue to operate their business as “debtor in possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. Lexel expects to continue its operations without interruption during the pendency of the Chapter 11 Case. To assure ordinary course operations, Lexel is seeking approval from the Court for a variety of “first day” motions seeking various relief and authorizing the Debtor to maintain its operations in the ordinary course.
About VIDEO DISPLAY CORPORATION (OTCMKTS:VIDE)
Video Display Corporation is a provider and manufacturer of video products, components and systems for visual display and presentation of electronic information media in a range of requirements and environments. The Company designs, engineers, manufactures, markets, distributes and installs display products and systems, from basic components to systems, for Government, military, aerospace, medical, industrial and commercial organizations. The Company operates primarily in four divisions: simulation and training products, cyber secure products, Data display cathode ray tubes (CRTs), and broadcast and control center products. The Company’s products include Command Control Centers, AEGIS Command Center, Heads down Display, Heads Up Display, Hi Rez Medical Panels, SXRD projectors, LCOS Projectors, Camera Tube, Charactron Tube, Direct View Tube, Electron Guns, Flybacks, Imaging Devices, Projection CRT, Public Display CRT, Monitors Mono, P.O. Sale Monitor, Touch Screen and Vehicle Display. VIDEO DISPLAY CORPORATION (OTCMKTS:VIDE) Recent Trading Information
VIDEO DISPLAY CORPORATION (OTCMKTS:VIDE) closed its last trading session down -0.04 at 1.10 with shares trading hands.
