Gibson guitar manufacturer seeking bankruptcy protection
The company can keep operating thanks to a reorganisation plan agreed on Tuesday.
The maker of the Gibson guitar has filed for bankruptcy protection after wrestling for years with debt.
Gibson guitars have been esteemed by generations of guitar legends.
After Chuck Berry died, his beloved cherry-red Gibson guitar was bolted to the inside of his coffin lid.
David Bowie favoured the 1989 Gibson L4 when he fronted Tin Machine whereas Slash is another fan.
A reorganisation plan filed on Tuesday will allow Gibson Brands Inc to continue operations with 135 million US dollars in financing from lenders.
The SG is Gibson’s best selling guitar of all time and has been touring Music City’s stages for years. April’s Rock Ready Deal is the SG Special Faded 2016 HP and it’s ready for its next tour stop to be your front door! #gibson #onlyagibsonisgoodenough #ItsGonnaBeMay pic.twitter.com/76iu9aNtp1— Gibson (@gibsonguitar) April 30, 2018
Gibson was founded in 1894 and is based in Nashville, Tennessee.
It also makes the Epiphone and Wurlitzer pianos.
The company has already sold off some non-core brands, acquisitions that contributed to its debt load.