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Meade Instruments Corp. – Leading Telescope Manufacturer and Importer Files Chapter 11 after Adverse Antitrust Ruling

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December 4, 2019 − Meade Instruments Corp. and one affiliated Debtor, Sunny Optics Inc. (together, “Meade” or the “Debtors”), filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Central District of California, lead case number 19-14714. The Irvine, California- based Debtors, represented by Robert P Goe of Goe Forsythe & Hedges LLP, manufacture, import and distribute optical instruments for the consumer market and are the world's largest manufacturer of telescopes.

The Debtors’ lead petition notes between 100 and 200 creditors; estimated assets between $10.0mn and $50.0mn; and estimated liabilities between $10.0mn and $50.0mn. Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Sheppard Mullin Richter & Hampton ($2.5mn professional services claim) (ii) Viewway Optics ($269k trade claim) and (iii) Cornerstone Research Inc. ($135k claim). Although listed as $unknown, contingent and unliquidated, the most important claim on the Debtors' list of unsecured creditors isis likely to be that of Optronic Technologies, (d/b/a Orion Telescopes & Binoculars Inc., "Orion").

For the Debtors, bought by Ningbo Sunny Electronic Co. Ltd. ("Ningbo") in 2013, the filings come a week after a California federal jury found that Ningbo, through Meade, was guilty of price fixing in the U.S. consumer telescope market. That jury also awarded Orion $16.8mn which may be subject to trebling under the Clayton Antitrust Act.

About the Debtors

The Debtors state: "Meade Instruments is acknowledged as one of the most innovative and dynamic companies in the telescope market. Known for its groundbreaking telescopic designs, Meade has introduced dozens of improvements over the years that have made amateur astronomy easier and more enjoyable than ever.

Meade Instruments was founded in 1972 by John Diebel. It was started as a one man mail order business, supplying small refracting telescopes. In the decades after, Meade introduced countless innovations and firsts in the world of amateur astronomy. In 2004, Meade Instruments acquired the Coronado brand of solar telescopes. These highly specialized hydrogen alpha telescopes produces detailed images of solar prominences and flares, and continues to be unmatched in the marketplace.

Meade Instruments has built its reputation and its products through ground-breaking, industry-leading innovation and precision optics, the hallmark of Meade superiority. You’ll find that on every product we make. Meade Instruments is adding technology to all of our products to make them easier and more fun to use. At Meade, we believe in providing a remarkable experience, using technology to make astronomy accessible and enjoyable to everyone, regardless of your experience level.

In October 2013, Meade Instruments merged with Ningbo Sunny Electronic, a Chinese manufacturer, and Joseph Lupica became CEO of Meade.

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The post Meade Instruments Corp. – Leading Telescope Manufacturer and Importer Files Chapter 11 after Adverse Antitrust Ruling appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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