CBC Music in association with MusiCounts has announced the return of the Canadian Music Class Challenge, which encourages eligible music classes, music clubs, and after-school programs to submit a video performance of a Canadian song (full 2017 list below) for a chance to win one of six $5,000 classroom recording studios. This year’s competition launches on Sept. 1 and will close on Nov. 24, with winners to be announced on CBC Radio 2 Morning with Raina Douris on Dec. 15.
Moody’s Investors Service has released the following news about its decision to downgrade Gibson’s Rating:
Moody’s Investors Service has downgraded Gibson Brands, Inc.’s Corporate Family Rating (CFR) to Caa2 from Caa1 due to increasing concerns about the company’s liquidity position. The rating outlook is negative.
The downgrade reflects Moody’s concerns about the company’s ability to meet all of its financial obligations in 2016 and 2017 that include over $80 million due to a consumer electronics supplier and $45 million in near-term outstanding indebtedness, if the ABL revolving credit facility is not refinanced. The expiration date of the ABL was recently accelerated to May 2017 from January 2018 because the company was in violation of a covenant. “However, we expect that the company will be able to refinance the ABL based on the strength of the underlying assets,” says Kevin Cassidy, Senior Credit Officer at Moody’s Investors Service.
Tim Ireland has been appointed as Orange Music Electronic Company (OMEC)’s new managing director with effect from Aug. 21st. This role includes global responsibilities for the whole group and the mission to drive the company forward in an ever changing industry.
In a Facebook post published last night, Axe Music’s Calgary location announced it is closing operations when its current lease runs out on May 31, 2018. The company says the current depressed economic situation in Calgary, which is caused mostly by a prolonged downturn on the oil industry, as well as manager Brian Cymbaluk’s recent cancer diagnosis are the reasons for the decisions to close.
Axe Music’s Edmonton location and e-commerce business at AxeMusic.com will remain open.
Music technology company Audiofile Engineering has been acquired by Krekeltronics, a Minnesota-based product development firm. A new team will be resuming development on popular Audiofile products such as Fidelia, Vio, and Audiofile Calc, and has expanded contract product development services to assist with hardware, firmware, software, and integration, partnering with key audio technology and market leaders.
Music Go Round, an established American MI retailer specializing in used instruments and gear, is now registered to franchise in Canada. With nearly 35 franchised stores in the United States and a well established e-commerce website, the brand is seeking prospective franchise owners in Canada to further develop its North American footprint.