Zenith Electronics, the last manufacturer to make television sets in the United States, filed a Chapter 11 bankruptcy plan in federal court in Wilmington and said it will become a completely owned unit of Korea-based LG Electronics.
The company’s prepackaged filing came as no surprise, because a Chapter 11 reorganization was expected as part of a long-planned restructuring of the embattled manufacturer of video cassette recorders and other consumer electronics. The filing is thought to be one of the last steps in the company’s plan to reduce debt and take the focus off of manufacturing.
