The television maker Syntax-Brillian (BRLC) this morning announced that the company has filed for protection from creditors under Chapter 11 of the federal bankruptcy code, and that its stock “will have no value” under a proposed reorganization plan.

The company has signed a deal to to sell certain assets to Olevia International Group, a new company owned by TCV Group, which provides the plastic injection molded parts for BRLC’s Olevia-branded LCD televisions. In exchange for the assets purchased, Olevia will assume $60 million of the BRLC’s secured debt. The company said its business will continue to operate as usual.

Not included in the Chapter 11 filing is the company’s Vivitar camera business, which has been put up for sale.

BRLC shares, which are being delisted, are down 41 cents, or 90.2%, to 5 cents…or about 5 more cents than they are actually worth.