Exciting new Dean model - the Chapter 11 BK

[Tortious]

They are attempting to remain a going concern though.
 

Dean Guitars’ parent company, Armadillo Enterprise, has filed for chapter 11 bankruptcy, it has been announced.

Armadillo Distribution Enterprises and Concordia LLC, the intellectual property holding company for Dean Guitars, Luna Guitars and ddrums, have voluntarily filed jointly under Chapter 11 of the United States Bankruptcy Code in the Middle District of Florida.

Notably, a Chapter 11 filing does not mean the company is going into liquidation. Unlike a Chapter 7 filing, which winds down operations, this route instead involves a court-supervised reorganization that will allow Armadillo and Concordia LLC to restructure their financial obligations.

It will also mean both companies – and by extension, Dean Guitars – will be continuing normal business operations while the restructuring takes place.

Pamela Keris, Armadillo owner and CEO, said the decision to file for bankruptcy was “a proactive step to strengthen our financial foundation and position these iconic brands for long-term success”.

 

https://www.guitarworld.com/gear/electric-guitars/dean-guitars-owner-files-for-bankruptcy

[hamerhead]

🤪

[BTMN]

About two months ago, I was over at Dean headquarters in Tampa, and they were building guitars and they were working on import guitars to ship out. They didn’t say anything to me. I didn’t ask anything about this. I don’t know any details of any of this. I can say, though I’ve talked to two people who work there, and they told me that they are still building painting, cutting and putting guitars out, so there are USA‘s being built, and there are some imports coming in, going out. The parent company does have debt and they have assets that are not equal to the debt. I was surprised to see a marine   audio company renting out the majority of their factory warehouse space. They are definitely having issues, but I think they’re gonna be able to come out of this in some shape or form. I have had a great experience working with them for 25 years almost and always been cool to work with.

😎👍❤️🏁