LG PHILIPS said that LG Philips Display Holding & LG Philips Displays have filed for bankruptcy protection, because of worsening conditions in the CRT marketplace & unsustainable debt. The holding company said it won't be able to fund other loss making subsidiaries because it can't get extra money. Operations in the US, Czech Republic, Slovakia, Mexico & France are also "reviewing" their financial position. The firm said the French workers council has been summoned. "In principle," said the firm, factories in Brazil, China, Indonesia, Korea & Poland are unaffected. The UK & the Netherlands factories are economically viable. These two factories represent over 85% of LG Philips Display's production capacity, with 15,000 people.The reason is the rise & rise for LCD displays & the decline for CRTs.
