It looks like Avid is at it again, announcing more corporate restructuring, according to Broadcast Tech. The company announced to investors earlier this week that it would be either closing or downsizing "redundant" offices in a move that's expected to save around $68 million.
For instance, rumor has it that all tech support would be moved from the U.S. to a newly opened office in Manila. The company also recently opened offices in Poland and Taiwan as well.
Avid also announced that it secured a "five year $105 million senior secured credit facility" that replaces it's $35 million revolving line of credit.
About the best thing you can say about all this is that it looks like Avid will survive for a few more years, so our Pro Tools subscriptions will be safe.
None of this is designed to play well with its customers however, who grow more disgruntled by the day. And each day all of Pro Tools many competitors look better and better.