📉Delaware Chapter 11 Filing – Gibson Brands Inc.
Gibson Brands Inc., along with eleven subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-11025).
According to the First Day Declaration, Gibson has filed a result of a debt overhang and the headwinds Gibson’s consumer electronics business has faced since being acquired in a highly leveraged transaction in 2014.
According to a press release issued by Gibson, Gibson enters Chapter 11 having entered into a restructuring support agreement with an Ad Hoc group of its Senior Secured Noteholders,
Bankruptcy & Restructuring Law