Picvue Announces Auction of LCD Glass Subsidiary Assets

The auction will include bids for equipment and precious metals at POI’s glass furnaces, with a guarantee fee set at NT$30 million (about US$913,938), the filing indicated.



The auction will be hosted by the Taiwan Cooperative Bank, which, along with six other banks, signed a NT$3 billion loan with POI on March, 2004, the filing said, adding that POI still has unpaid loans of NT$1.86 billion.



As of September, 31, 2006, Picvue had a 76.57% stake in PQI, the filing said.



In September, Picvue filed for reorganization with the Hsinchu District Court, according to a TSE filing by Picvue. Picvue also requested the court to issue temporary restrictions on fulfilling the company's obligations and considering claims against the company, according to the filing.