ARECONT Vision will be auctioned between Turnspire Capital Partners and Costar Technologies on July 9.
The auction was scheduled by a bankruptcy court with a hearing the following day to consider approval of the winning bid and confirm the results of the auction for Arecont’s assets, according to an SSI report.
Arecont Vision signed a $US10 million purchase agreement with a private equity firm in May and declared it would reorganize under Chapter 11 bankruptcy but the company then received a more lucrative offer from Costar Technologies.
Costar Technologies designs and manufactures a full range of products for the video surveillance and machine vision markets at facilities in China, South Korea and the U.S. and comprises 4 companies: CohuHD Costar, Costar Video Systems, Innotech and IVS Imaging.
