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 ...
I’m an old picker. My first guitar was a 1957 Les Paul Jr. Since then, I’ve owned several Gibsons, including a Chet Atkins Country Gentleman, and others.
I hate to hear this about Gibson...they should have stayed out of those other business ventures (Dance with the one who brung ya). That “raid” that Obama did on them for using “exotic wood” didn’t help things either.
Maybe they’ll re-organize and get back to the business of making guitars.
Good thing we got our Les Paul when we did.
It depends on the condition of the guitar but this will give you an idea ...
https://reverb.com/item/4619256-1968-fender-newporter-vintage-acoustic-flat-top-guitar-original-finish-w-ohsc
Too many. And since they’re like 50+ years younger than me, thay’ll never know the joy of trying to learn a song off a vinyl LP by repeatedly lifting the needle and setting it back down. It was a blessing when some band would put the lyrics in the jacket. LOL! Up hill both ways.
I’ve got a Kalamazoo Epiphone Riviera I bought new back in ‘65 when they were making them next to the Gibsons. It still gets to go out and play once in a while.
LOL! And now ford will make only pick ups and one fusion model or something within the next 2 years. So, LP standards and SGs now?
Wow Thanks! That’s my guitar down to the good, used description.
It’s been in my closet, untouched for 30 years. lol
For sure. He had his FBI do a raid on them and the ensuing legal costs didn’t help. And Gibson was innocent all along!
“No one wants to pay 3-5k for a Les Paul.”
Enter Epiphone Elitist, which I understand Gibson basically killed off for being too good and too affordable. I have an Elitist ES-335 and it’s really nice, but I’ve never owned a Gibson to compare it to.
1965 Melody Maker, 1978 SG, 1982 335S and yes I am a Boomer also and did not vote for Zippy.
Not surprised. I figured this would happed after Odumbo’s gang of crooks came down on them a few years back.
I played nothing but Gibson till I discovered my lovely 2 octave Godin with Seymore Duncans in it.
Gibson made some iconic instruments over the years but, IMO basically priced themselves out of the market.
I could put it too use. Just send it on over and I’ll provide pics of it having a good time. ;-)
Yeah, but I got rid of mine dag nab it.
I’ve got a ‘54 Goldtop in near mint condition. I wish I thought I could get what I paid for it in 2008!
The 2017 True Historic LPs are simply amazing guitars. Also quite expensive. I would buy one if I could move this vintage piece.
That said, Henry is an idiot.
Send me your addy and $600 and you can play all you want. Looks like that is a serious discount. ;)
“Someone in the far east makes some pretty good knock offs they send over here. Glibsons I think.”
Its “Chibson”, and they are pure crap.
At this point, if I want to buy a new one, I have to dump an old one. LOL! And I like the ones I have and they all get used at open jams in the area since there are at least 3 a week. Maybe some more in the summer. ;-)
“thay’ll never know the joy of trying to learn a song off a vinyl LP by repeatedly lifting the needle and setting it back down.”
LOL, been there, done that! That is the main reason my albums wore out. Being as this was my only “teacher”, I don’t think I ever got one “right”.
Uncle Ted is sad.
The last of the “70s psychedelic music” shredders that hasn’t switched to Fender[ptoooie!]
Now...get them to move back to Kazoo after they restructure.
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