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แสดงเวอร์ชันเต็ม : Gibson's last stand?


Music2home !

Russbass
02-05-2018, 09:15 AM
1st of May 2018
Seems Gibson's, (+Epiphone & Cerwin Vega) long-term biz problems have finally reached bankruptcy per the press release yesterday

Gibson (https://reverb.com/brand/gibson?_aid=tank) Brands of Nashville, Tennessee, issued a statement this morning outlining its plan to restructure its core business and reorganize under Chapter 11 of the U.S. Bankruptcy Code.
As outlined in the statement "... [Gibson] and its U.S. subsidiaries today filed pre-negotiated reorganization cases under Chapter 11 of the U.S. Bankruptcy Code. The filings will allow the Company's Musical Instruments and Professional Audio businesses to continue to design, build, sell, and manufacture legendary Gibson and Epiphone guitars, as well as KRK and Cerwin Vega studio monitors and loud speakers, without interruption."
This news follows months of rumors and speculation (https://reverb.com/news/reports-of-potential-gibson-bankruptcy-circulate-over-weekend?_aid=tank) regarding the company's financial and business future centering on the maturation of a series of bonds worth upwards of $500 million this summer. According to the Gibson statement, "The Company has reached a 'Restructuring Support Agreement' with holders of more than 69.0% in principal amount of its 8.875% Senior Secured Notes due 2018, and its principal shareholders, that clears the pathway for the continued financing and operations of the musical instruments business as well as a change of control in favor of those noteholders."

According to longtime CEO Henry Juszkiewicz—who prior to this reorganization owned 36% of the company per court documents—"... this process will be virtually invisible to customers, all of whom can continue to rely on Gibson to provide unparalleled products and customer service."
Mr. Juszkiewicz will remain in his position as CEO for the time being, though some sources have indicated that a change in management will likely occur under pressure from existing debt-holders.

I’m no expert on USA law but Chapter 11 = reorganization. 7 = the bad one...