Financially troubled household appliances maker Taiwan Kolin Co (歌林) yesterday said it would auction off its “Kolin” brand and its operations, with a starting price of NT$350 million (US$11.5 million) on Dec. 15.
The company said in a filing to the Taiwan Stock Exchange that it plans to auction off the “Kolin” brand, its trademarks and patents, subsidiary Realise (瑞林科技) and the home appliances divisions of subsidiaries Sheng Lin (陞林) and Kolin Electric (歌林電機), with a starting price of NT$350 million.
Taiwan Kolin is also scheduled to sell three properties on Thursday that include a commercial building on Nanjing S Road Sec 1, and its first and second factories in Guanyin (觀音), Taoyuan, with prices starting at NT$821 million, NT$1.17 billion and NT$585 million respectively.
The company has been embroiled in financial difficulties since 2008, when it was unable to collect accounts receivable from Syntax-Brillian Corp, a US TV and digital camera maker in which Taiwan Kolin indirectly invested.
Of Taiwan Kolin’s NT$10.69 billion in accounts receivable, NT$5.94 billion should have come from Syntax-Brillian, which filed for bankruptcy.
As a result, Kolin delisted from the bourse and it is still in the midst of organizational restructuring.
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