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Gibson Brands – June M.O.R. Reports Operating Income of $2.9 Million, Restructuring Costs of $6.1 Million

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August 16, 2018 – Gibson Brands filed with the U.S. Bankruptcy Court a monthly operating report for June 2018 [Docket No. 612]. For the month, the consolidated Debtors reported operating income of $2.9 million and a net loss of $6.3 million on $22.9 million in net sales, the net loss reflecting primarily (i) $6.1 million in restructuring costs and (ii) $2.6 million in interest expense. The restructuring costs included $2.7 million in professional fees, notably $1.25 million to Paul Weiss and and $0.95 million to White & Case. The Debtors further reported $25.1 million in cash disbursements and $18.1 million in cash receipts, the negative net cash flow of $7.1 million largely the result of the restructuring and interest related expenses noted above.

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The post Gibson Brands – June M.O.R. Reports Operating Income of $2.9 Million, Restructuring Costs of $6.1 Million appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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