Heartbreaking...
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 ...
You are 100% correct.
My oldest brother still has his 1973 Les Paul sunburst he bought it new in 73 with hard case. It just sits in his closet now.
My main guitar is a Fender Strat, but my baby is a 1960’s era Gibson Classical made in Kalamazoo.
Instant lessons on youtube now. And I’ve used it too.
The terror of the swamp reached out and touched Gibson Guitars 5 or 6 years ago. Even after only one exposure, long ago, The Swamp claims another seemingly non involved victim.
Everyone of my relatives that still play guitar are in Oklahoma and Arkansas now. Hubby has a few super nice, expensive, electric guitars but no longer plays because of the arthritis in his hands. We have a local music shop that buys and resells vintage guitars. Maybe I’ll take it down there and see what Artie will give me for it. Easier than selling online and I really need to start getting rid of stuff we no longer need or use.
Glad you still play and your inventory is used. That’s nice.
Mellenials ruin EVERYTHING!!
No kidding! YT is great for that. I do hate learning a killer note-for-note shredding solo from a 14 year old kid though. :^)
“Hubby has a few super nice, expensive, electric guitars”
List, please!
No clue other than one is a Les Paul and one is a telecaster?
I don’t know guitars.
LOL! Well, I haven’t gotten to the point where I don’t get called on. Not yet anyway even though I am having an issue with the ulnar nerve affecting my ring finger and pinky on my fretting hand. Just push through. Tough to make bar chords but I adapt. Hope you do well with moving your guitar.
Thank you! And glad you can still play.
More like back breaking. LOL!
Yep, just like Remington
Just looked a couple places and it doesn’t like there are many out there for sale. Condition could play a part but I’m thinkin’ $3,000 minimum or better to the right person. The ones I do see are pushing well over $5k.
Unlike the old days, playing one like that would require a bar stool at least to sit on. Certainly not Chuck Berry’in behind the head pickin’ with it either. ;-)
I have the latest Vintage Guitar price guide. If you would like, PM me with the serial numbers and a brief description and I will help you come up with a retail value.
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