We were first to bring you the news that BroadSign International filed Chapter 11 documents in the U.S. Bankruptcy Court in Wilmington, Delaware in early March and we are also the first to bring you news that they have finally emerged from it (Chapter 11) and have been sold to the likely only bidder on the table – a certain JedFam Group, LLC.
Jedfam Group is of course Burr Smith‘s investment vehicle – Burr was / is Chairman of the Board of Directors at BroadSign, President and Manager at Jedfam Group and a large shareholder in BroadSign.
This is no doubt great news for BroadSign, their customers (who all seem to have been incredibly happy during this whole business) and for the industry as well we believe.
So, in some detail, after almost three months since it filed for protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, said Court approved a sale of BroadSign International, Inc.’s assets to JedFam Group, LLC.
BroadSign International, Inc. will emerge from bankruptcy as BroadSign International, LLC. and Brian Dusho will remain as Chief Executive Officer.
Brian is quoted as saying “Today marks the start of a new chapter for BroadSign. Thanks to widespread support from our lenders, customers, partners and friends, our operations have remained robust through this process“.
Brian reported that BroadSign has experienced unprecedented growth in recent months. “I am especially grateful to our employees around the world whose continued hard work and focus have been instrumental in enabling us to reach this achievement and who will be important contributors to our future success”.
This is all incredibly good news for Brian Dusho, a super-intelligent-bright chap who gets to keep his job as CEO 😉 In all seriousness though, Brian has done an outstanding job steering the business through this tricky period in its history – he’s set the expectations of the employees, handled the press (including us) incredibly well and kept all current and future customers happy – watch out for an announcement of a big new Ad sales win (and a loss for Scala) in the very near future.