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What exactly will the new law do that is different?For one, the new Bill seeks to consolidate all existing laws.A restructuring agreement gives some of the company's lenders an equity ownership, the Nashville, Tennessee-based Gibson Brands said Tuesday."Over the past 12 months, we have made substantial strides through an operational restructuring," Gibson CEO Henry Jusziewiczsaid in statement.
KHUSHBOO NARAYAN explains a significant reform — given the bad-loan crisis in banking, and cases of default such as Mallya’s.
But analysts say setting up the necessary institutional infrastructure could take some time.
The maker of Gibson and Les Paul guitars has filed for bankruptcy protection, with the iconic brand known for crafting instruments used by the likes of Elvis Presley, B. King and Keith Richards seeking to turn its business around in the face of declining sales.
Four, once a resolution is passed, the committee has to decide on the restructuring process that could either be a revised repayment plan for the company, or liquidation of the assets of the company.
If no decision is made during the resolution process, the debtor’s assets will be liquidated to repay the debt.