Zenith files for bankruptcy, becomes part of LG

Zenith Electronics, the last U.S. based maker of television sets, will file a prepackaged bankruptcy and becomed a wholly-owned subsidiary of LG Electronics, formerly the company's single largest stockholder.The remaining 45 percent of common stock in the company is being discharged, because company officials say the company has no remaining equity. In addition, Zenith will turn over its projection TV factory in Mexico to LG.The Melrose Park, III.TV factory will be sold off, company officials hope, to a company that will build product for Zenith.