Sad news for Gibson guitar lovers, including the likes of Jimmy Page, Slash and Keith Richards, the iconic guitar company is reportedly facing bankruptcy.
As the Nashville Post report, “the situation facing the iconic Nashville-based music instrument maker, which has annual revenues of more than $1 billion, is far from normal. CFO Bill Lawrence recently left the company after less than a year on the job and just six months before $375 million of senior secured notes will mature… On top of that, another $145 million in bank loans will come due immediately if those notes, issued in 2013, are not refinanced by July 23rd."
Gibson Brands CEO Henry Juszkiewicz responded to the Nashville Business Journal: “We have been monetizing assets like stock holdings, real property and business segments that could not achieve the level of success we expected. By monetizing these assets, we can reduce debt and generate funds to contribute to business segments that are thriving. It is important to our business to get back to the financial success we had to achieve the best financial terms in the refinancing of our company."
Bloody hope so Juskiewtiz. Gibson guitars are arguably more of a staple than drugs and strippers in rock n'roll.