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tinyfav.com May 22, 2018


Iconic guitar maker Gibson files for bankruptcy protection

04 May 2018, 12:14 | Percy Christensen

Guitarist Magazine via Getty Images

Guitarist Magazine via Getty Images

In February, The Industry Observer reported that the iconic guitar brand Gibson could be facing eventual bankruptcy, as the 100-year-old company owed up to $145 million in bank loans that were issued in 2013.

"Over the past 12 months, we have made substantial strides through an operational restructuring". As per the filings of the court, current note holders of the company include Silver Point Capital, Melody Capital Partners and also the funds which are affiliated with KKR Credit Advisors.

A bankruptcy was considered the only option by agitated bondholders, many of whom were concerned that Gibson would be unable to meet its financial obligations. The company will continue to operate during its reorientation and bankruptcy proceedings, thanks to agreements it has reached with shareholders and noteholders.

Founded in 1894 and based in Nashville, Tennessee, Gibson has the top market share in premium electric guitars.

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Gibson Innovations, based mainly outside of the United States, was purchased in order to facilitate a relaunching of Gibson from a guitar company to a "music lifestyle" company, according to Bloomberg. That business includes the brands KRK, Cerwin Vega and Stanton, whose lines include studio monitors, headphones and turntables.

Gibson is also receiving a $135 million loan which will help to keep the business running, and hope to come out of the Chapter 11 proceedings with less debt, working capital financing and a stronger platform that is focused on musical instruments. The decision came with an assurance from Gibson that it is refocusing on its specialty, musical instruments, and moving away from its debt-plagued push to sell home electronics. All told, the music instruments business employs at least 875 people, according to court papers.

The investment drained cash, and earnings plunged.

"The Gibson name is synonymous with quality and today's actions will allow future generations to experience the unrivaled sound, design and craftsmanship that our employees put into each Gibson product", Mr Juszkiewicz said in a statement.



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