NASHVILLE, Tenn., Aug. 1, 2018 /PRNewswire/ -- Gibson Brands Inc. ("Gibson" or "the Company"), today announced that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has approved the Company's Disclosure Statement. The approval is a significant step in Gibson's process for emergence from chapter 11 and allows the Company to begin the process of soliciting votes on the Plan of Reorganization and ultimately to seek an Order confirming the Plan. The Plan received the support of the Creditors' Committee, which recommended that all general unsecured creditors vote in favor of the plan.
The Plan materials and ballots are expected to be mailed during the week of August 6, 2018. The deadline for returning completed ballots will be September 14, 2018 at 5:00 p.m. (Eastern Time). A hearing to confirm the Plan is scheduled to begin on September 27, 2018.
"We are extremely pleased by the Court's approval of our Disclosure Statement, which is a key step toward the Company's successful emergence from Chapter 11," stated Henry Juszkiewicz, Chief Executive Officer of Gibson Brands. "Our employees have worked very hard to help us stay on track to emerge from Chapter 11 as planned, and we are grateful for the continuing support from our creditors, partners, and vendors."
Additional information is available by calling Gibson's Restructuring Hotline, toll-free in the U.S. at 1-844-240-1258. For calls originating outside the U.S., please dial 1-929-477-8085. Email inquiries can be sent to [email protected]. Copies of the plan and disclosure statement materials and other court filings and documents related to the court proceedings are available on a separate website administered by Gibson's claims agent, Prime Clerk, at https://cases.primeclerk.com/gibson.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. securities laws. Forward-looking statements may include, but are not limited to, statements relating to our outlook and future financial performance, including the illustrative Adjusted EBITDA range described above. In some cases, you can identify forward-looking statements by terminology such as "believes," "anticipates," "plans," "expects," "intends," "estimates," "projects," "should," "will," "may," "would," "contemplates," "aims," "pro forma" and "might," the negative of such terms or other comparable terminology. Forward-looking statements reflect our current views about future events, are based on estimates and assumptions and are subject to known and unknown risks, uncertainties and contingencies. Many important factors could cause actual results or achievements to differ materially from any future results or achievements expressed in or implied by our forward-looking statements, including the factors listed below. Many of the factors that will determine future events or achievements are beyond our ability to control or predict. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company's posting, dated April 4. 2018, to its intralinks website that may be accessed by certain persons in accordance with the indenture governing the Company's outstanding debt securities. The forward-looking statements included herein reflect our views and assumptions only as of the date of this press release. You should not place undue reliance on forward-looking statements. We assume no responsibility to update any forward-looking statements and we do not currently intend to provide additional guidance in the future.
Gibson Brands, one the fastest-growing companies in the music and sound industries, was founded in 1894 and is headquartered in Nashville, TN. Gibson Brands is a global leader in musical instruments, and consumer and professional audio, and is dedicated to bringing the finest experiences by offering exceptional products with world-recognized brands. Gibson has a portfolio of over 100 well-recognized brand names starting with the number one guitar brand, Gibson. Other brands include: Epiphone, Dobro, Valley Arts, Kramer, Steinberger, Tobias, Slingerland, Maestro, Baldwin, Hamilton, Chickering and Wurlitzer. Audio brands include: KRK Systems, TASCAM, Cerwin-Vega!, Stanton, Integra, TEAC, TASCAM Professional Software, and Esoteric. All Gibson Brands are dedicated to innovation, prestige and improving the quality of life of our customers.
SOURCE Gibson Brands