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Fairlight RIP :(
Old 19th March 2003
  #1
Lives for gear
 
Nowak's Avatar
Fairlight RIP :(

Received this email today....not good
Post-production equipment manufacturer Fairlight ESP closed its doors on
March 14 after failing to meet its financial obligations for debts totaling
more than $30 million.

The Sydney-based company was placed into voluntary administration with
Woodgate and Co. on March 12 following a unanimous resolution of the
Fairlight board, headed by managing director David Hannay.

Administrator Giles Woodhouse met with the company on March 14 and decided to retrench about 30 employees and retain seven staff, including general manager Greg Sampson.

"There was a significant cash burn rate in the company," Woodhouse said.
"Employment costs alone were $15,000 a day and there was little money in the bank."

Woodhouse said there were several reasons for the company's collapse, but
one of the major influences was the withdrawal of funding by Fairlight
Japan. Fairlight Japan fully owns the Australian operation.

"There are other reasons for the failure and we will investigate those over
the next week," Woodhouse said.

In three weeks another meeting will be held with creditors to determine the
future of Fairlight ESP. Woodhouse said either a deal of company arrangement would be brokered with the creditors or the company would be wound up with all remaining assets sold and monies shared between creditors.

Overseas subsidiaries of Fairlight are still operating.

Fairlight ESP manufactures digital systems for audio post production
applications.
Old 19th March 2003
  #2
I was in touch MANY times about potentially buying a system.

1) They were very bad about getting back to me, little or more often, no follow through, despite nudging from fairlight owners / net chums of mine.

2) They promised demos that never materialised.

3) They didn't seem to want to sell to or even understand the needs of music recordists.

4) Overall I had the impression of a company that didnt really WANT to sell it's product.

Sheesh! Just put cheery people on the phones to follow up on customer interest!
Old 20th March 2003
  #3
member no 666
 
Fletcher's Avatar
Again? Isn't this like the 3rd or 4th time they've gone out of business?
Old 20th March 2003
  #4
Lives for gear
 
toledo3's Avatar
 

Seems like the responses are such, that this should be shifted to the moan zone.
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