JAN. 16 | WOODWIND & BRASSWIND | AGREEMENT
Steinway to Terminate WW&BW Bid
On Jan. 16, Steinway Musical Instruments announced plans to terminate its asset purchase agreement for The Woodwind & The Brasswind. The agreement had been signed on Dec. 15, 2006.
Steinway has concluded that there will be a failure of certain conditions necessary to close the transaction and is exercising its right to terminate the agreement. The timing and effect of this termination is subject to approval by the court.
The Woodwind & The Brasswind had filed for Chapter 11 bankruptcy protection in November 21, 2006.