“When looking back on more than 20 years of experience in the DJ and pro-audio industry, I am proud that Reloop evolved into a leading brand for DJ gear and is established in more than 90 countries worldwide,” says Robert Lauterwein. “With this achievement in mind and an amazing product roadmap ahead, I feel that the time is great to hand over the reins to a new executive board to pursue the ongoing advancement and generate fresh momentum. That’s why I am happy that Gerald Barbyer and Thomas Heselhaus are enthusiastic to step up and have accepted their new roles as managing directors, with immediate effect.”
Walrus Audio, an electronics company based in Oklahoma City, announced that as of Sept. 1, 2017, Hal Leonard will distribute its line of guitar pedals and accessories to U.S. and Canadian music stores. The announcement came from Colt Westbrook, president of Walrus Audio, and Brad Smith, VP of MI products with Hal Leonard.
The board of directors of the Coalition for Music Education has appointed Angela Elster as Interim Executive Director effective immediately.
“We are delighted that Angela has agreed to temporarily relinquish her seat on the Board to take on this important role as the Coalition prepares for a new school year,” said Eric Favaro, chair of the board. “Ms. Elster brings to this position a wealth of experience in the field of music and arts education, leading innovative projects that have enabled children and youth to experience the power of the arts in schools and communities across Canada and around the world.” This interim appointment allows more time for the Executive and Board to establish a leadership model moving forward.
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.