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 Gibson Files for Bankruptcy in Deal to Renew Guitar Business

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Gibson Files for Bankruptcy in Deal to Renew Guitar Business Vide
PostSubject: Gibson Files for Bankruptcy in Deal to Renew Guitar Business   Gibson Files for Bankruptcy in Deal to Renew Guitar Business Icon_minitimeWed May 02, 2018 12:38 am
Gibson Brands Inc. filed for bankruptcy protection, with lenders taking control of the iconic American business that’s supplied guitars to B.B. King, Elvis Presley and Pete Townshend.
The Chapter 11 filing on Tuesday in Delaware keeps Gibson in business but gives ownership to noteholders, replacing stockholders that include Chief Executive Officer Henry Juszkiewicz, the company’s leader for more than three decades. According to court filings, current noteholders include Silver Point Capital, Melody Capital Partners and funds affiliated with KKR Credit Advisors.
The restructuring will allow the instrument business to "unburden" itself of a consumer-electronics unit that Gibson blamed for its financial woes. Gibson owes as much as $500 million, and lenders will provide a new loan of up to $135 million to keep the company in business, according to court papers.

https://www.bloomberg.com/news/articles/2018-05-01/gibson-files-for-bankruptcy-with-deal-to-renew-guitar-business
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