Gibson Guitars File For BANKRUPTCY!
303 views · Published 1 May 2018 · 1:35 · Indexed 10 October 2026
Channel: R&M News · 2018 · Music
Gibson Brands has filed for bankruptcy!! Meanwhile, they came up with the plan to continue producing guitars while giving lenders equal ownership over the company, replacing stockholders, including their CEO Henry Juszkiewicz. Papers have been submitted on Tuesday, May 1 and they file for Chapter 11 bankruptcy protection. As the source further states, the documents explain that the company is $500 million in debt and the lenders agreed on a short-term loan of $135 million to fund the operations. The next step is restructuring as it will give all the lenders a share of the electronics division. Is this the end of Gibson?!
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