Post by Slinger on May 2, 2018 14:55:08 GMT
I've been reading about this for a while on guitar and bass forums, but it seems it's finally come to pass.
Gibson, whose electric guitars have been played by stars including Elvis, Keith Richards, Jimmy Page, (and me
), has filed for bankruptcy protection as it struggles with $500m (£367m) of debt. Lenders will take control of the Nashville-based company, which was founded in 1902.
Gibson made an ill-fated acquisition of Philips' consumer audio division four years ago for $135m. Gibson will pull out of that business, and focus on musical instruments. Chief executive Henry Juszkiewicz, who bought the company in 1986, said the Chapter 11 filing would assure the company's "long-term stability and financial health".
SOURCE
Gibson, whose electric guitars have been played by stars including Elvis, Keith Richards, Jimmy Page, (and me
), has filed for bankruptcy protection as it struggles with $500m (£367m) of debt. Lenders will take control of the Nashville-based company, which was founded in 1902.Gibson made an ill-fated acquisition of Philips' consumer audio division four years ago for $135m. Gibson will pull out of that business, and focus on musical instruments. Chief executive Henry Juszkiewicz, who bought the company in 1986, said the Chapter 11 filing would assure the company's "long-term stability and financial health".
SOURCE
