Samick went bankrupt!!

Ji-Yang Kang

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Oct 25, 1996, 3:00:00 AM10/25/96

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Samick Musical Instruments Co., one of the largest guitar and
piano manufacturer in the world, went bankrupt a few days ago.
Following is an article from Korea Herald, a Korean Newspaper.

> 10-24-96 : Musical Instruments Maker Samick Faces Imminent Bankruptcy
>
> Samick Musical Instruments Co. faced bankruptcy yesterday
> when Dong Nam Bank's Pupyong branch in Inchon could not settle
> the firm's bills Tuesday, a Samick spokesman said yesterday.
> The third largest exporter of pianos in the world, Samick will go
> insolvent unless the bills worth over 2.7 billion won are honored.
> As of 3 p.m. yesterday, the company was not successful in finding
> a bank willing to cover the dishonored notes.
> Samick's main bank is Korea Exchange Bank.

Samick has made middle and/or low class guitars for Gibson, Epiphone,
Washburn, Ibanez, Charvel, Alvarez, and more..

Carl Christensen

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Oct 25, 1996, 3:00:00 AM10/25/96

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On 25 Oct 1996 01:39:31 GMT, jiy...@hdtv.snu.ac.kr (Ji-Yang Kang)
wrote:

>Samick has made middle and/or low class guitars for Gibson, Epiphone,
>Washburn, Ibanez, Charvel, Alvarez, and more..

Now watch all these cheap guitars become valuable on the "vintage"
guitar market! :-)

Carl Christensen /~~\_/~\ ,,, For music fun in Windows
E-mail: ca...@netaxs.com | #=#==========# | download alcomp11.zip
C/C++/Delphi/VB Consultant \__/~\_/ ``` at a popular FTP site!
Catch my WWW page at --> http://www.netaxs.com/~carl

Vic Dyer

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Oct 27, 1996, 2:00:00 AM10/27/96

to jiy...@hdtv.snu.ac.kr

I went to the Greater Southwest Guitar Show in Arlington, Texas on
10-19-96 (last Saturday). They had all their wears in display and were
displaying new models. Sure did not seem as if they were concerned about
bankruptsy.

Blues_stringer

Smitty

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Oct 27, 1996, 2:00:00 AM10/27/96

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Vic Dyer <vrd...@mail.airmail.net> wrote:

>Blues_stringer

I always liked their rep...he could calmly sell guitars in a forest
fire...<G>...may have been selling out his demos...It will be
interesting to see...

...I did notice alot of activity at his booth most of the day...

Smitty

SEFSTRAT

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Oct 27, 1996, 2:00:00 AM10/27/96

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Why do you all assume that bankruptcy equals being out of business?

Corporations file Chapter 11 bankruptcies all the time. Often, the
reorganization Plan pays off creditors 100% (sometimes not). Indeeed, a
Chapter 11 specifically allows a company to recover, and go on. Sometimes
creditors are RELIEVED by a chapter 11.

You're thinking of a Chapter 7---dissolution.

Now, I don't know anything about Samick; whether they've filed a 7, an 11,
or anything at all. I just wrote this note because the perception of
bankruptcy out there doesn't seem to have any relationship to the facts...

Steve

SEFS...@AOL.com

Jeanpr 234

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Oct 27, 1996, 2:00:00 AM10/27/96

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You may be right about the difference between Chapter 7 and Chapter 11
under US law, but I thought the original post talked about bankruptcy
filed in Korea, Sammick's home. Does anyone know if under Korean
bankruptcy law, this is a reorganization or a liquidation for creditors?

T.M.GLASS

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Oct 28, 1996, 3:00:00 AM10/28/96

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SEFSTRAT (sefs...@aol.com) wrote:
: Why do you all assume that bankruptcy equals being out of business?

Samick Construction (a branch of the same company) went bankrupt months
ago and they're still going.

\\\\\\\\\\\ Michael Glass \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
\\\\\\\\\\\ Sogang University \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
\\\\\\\\\\\ Seoul, Korea \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\

Rick Meadows

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Nov 6, 1996, 3:00:00 AM11/6/96

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Looking for acoustic guitars...Cheap. Send immediately, opening a used
guitar store.

rm