U.S. Unit Of LG.Philips Files For Chapter 11

Law360, New York (March 16, 2006, 12:00 AM EST) -- Just two months after its units in France, Germany and the Netherlands toppled into bankruptcy, LG.Philips Displays BV saw its U.S. unit fall into the same pattern, according to its Chapter 11 filing Wednesday.

LG.Philips Displays USA is the U.S. unit of the company, which is a joint venture between Philips Electronics N.V. and LG Electronics Inc. of South Korea for developing cathode-ray tubes used in televisions.

LG.Philips USA, with between $50 million and $100 million in assets, stated that it owes its bank lenders $573...
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