Posted on 05/01/2018 6:58:11 AM PDT by rktman
Storied guitar maker Gibson Brands Inc. filed for bankruptcy protection Tuesday as the company has struggled with its debt load after a series of acquisitions.
The company, which filed for chapter 11 in U.S. Bankruptcy Court in Delaware, said it will continue to operate during the proceedings as it focuses on reorganizing around its core businesses. Gibson plans to wind down its Gibson’s Innovations business, which is largely outside of the U.S.
The Nashville-based maker of Gibson Les Paul guitars has been struggling with debt it took on to finance acquisitions of home-entertainment and audio-equipment makers years ago. Among businesses the company has added are some of Royal Phillips’s home-entertainment systems, TEAC and Onkyo stereos.
Gibson said it has reached an agreement with holders of more than 69% of its senior secured notes due in 2018 and shareholders that lets it continue to operate. The company also said existing noteholders have committed to provide $135 million in debtor-in-possession financing.
(Excerpt) Read more at marketwatch.com ...
Nice. Mrs rktman thinks they are like art work so when we bought this house she found a wall long enough to mount display cases to get mine out of the closet. Yeah, she’s a keeper.
Yeah I remember people that got ripped off on a deal too good to be true and it was the Chibson guitars $400. Veneer finish, and crap wood. I think even the pickups were fake with single coils in humbucker housings.
That sucks I know. Rap sucks too. Makes me sick.
Actually, a Japanese group tried to buy Gibson with a firm offer but the board took it as an affront and turned it down flat. Looking back, they may be regretting the course.
Knew this was coming.
I’m a Fender guy anyway. Y’all can keep the Gibsons.
Chibsons ;-)
No. Once again we are seeing over leveraged buyouts and acquisitions. For Wall Street it is all about fees not the ability of the client company to manage the debt load successfully. Damn them.
She should give advice to my wife.
I’ve got 11 now. Including one of those Government Series II Explorers ;-).
Me too. With the Epiphone exception from back in ‘65. The only piece of gear I didn’t sell when I went in the Navy.
Oh contraire. Rapidly closing in on 71 with a back and more recent neck surgery, yeah, a bar stool would be required. LOL!
What vintage is the Jaguar? I believe it and the Jazzmaster may be the next collectible guitars. All the”good stuff”, ‘bursts, Strats, etc., got hoarded into private collections and the hits of the 2000’s were made on what was left. Soon those folks will be searching for the axes of their heroes just like we did.
It’s an 90’s model LG. I love it, especially for gigs. It’s my #1 go to in the studio as well.
Early 70's, but I traded that for my Alvarez Yari
Fender came out with a line of bass amps (I’ve played bass since high school and I’m now 70) which were extremely lightweight but had the full rich sound of the old heavy Bassman and Showman amps/speakers.
I was using an Acoustic 100/15” bass amp at 54 pounds. The same sound from my lightweight Fender (12”) at 24 pounds. Easy to get in and out of the car.
The “old” guitar players who now can afford a quality guitar like a Gibson, can’t lift the darn thing now.
I have a bunch of Fender Jazz and Precision basses, but the one that I use is an Epiphone “Viola” bass, just like the light Hofner that I used back in high school/college. Easy to play, thin neck, short scale, very light and perfect for old arthritic, bent fingers.
Gibson missed the changing market for their guitars, old guys.
“What brand is it? “
1971 or 1972 Gibson Les Paul Custom with Dimarzio super distortion pickup by the bridge. It’s the real thing. The serial numbers during those years preclude knowing which year it was actually made. I’ve had it since 1974.
Dimarzio. Mid 70’s pickup. Early 70’s axe.
Geez, and I was hoping to buy a Les Paul Standard one day.
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