Bright Systems Inc., a Reno company that developed systems to help the entertainment industry manage digital files, plans to liquidate under the protection of a bankruptcy court.
The company filed a petition for Chapter 7 liquidation in federal bankruptcy in Reno.
In the filing, Bright Systems said its assets totaled $482,815 and its debts totaled $723,886.
The company's largest creditor was Heritage Bank of San Jose, which had loaned Bright Systems $500,000 secured by the company's equipment, inventories and accounts payable.
Antony Harris of Reno, Bright Systems' president and chief executive officer, owned all of its stock. The privately held company was incorporated in 1999.
State records show the company employed between 10 and 20 last year. In 2007, as Bright Systems geared up to sell into international markets, it employed 26 from its headquarters at 5301 Longley Lane.
The company designed and manufactured post-production editing software and data-storage solution.
Attorney Steven Harris of Belding, Harris and Petroni Ltd. represents the company. A meeting of its creditors is set for August 5.
