Gibson Files Chapter 11

puckhead

Waxing Gibbous
Moderator
Supporting Member
Joined
Jun 15, 2005
Posts
15,980
Reaction score
14,197
Location
Moment, AZ
I hope this isn't the beginning of the end. I haven't liked hardly anything they've put out recently but I love their older stuff. The newer stuff that I do like is incredibly overpriced. Will be interesting to watch how this plays out.

Gibson Brands Inc. filed for bankruptcy with a turnaround plan that gives some of the company’s lenders equity ownership of the iconic American business that’s supplied guitars to B.B. King, Elvis Presley and Pete Townshend.



Support from senior secured noteholders will help Gibson repay bank loans while going through a "change of control" transaction, according to papers filed Tuesday with its Chapter 11 bankruptcy in Delaware. The petition shows the company owes as much as $500 million and that lenders will provide a new loan of up to $135 million to keep Gibson in business.
 

Bert

Walkin' on Sunshine
LEGACY MEMBER
Joined
Oct 16, 2008
Posts
10,139
Reaction score
3,233
Location
Arizona
I hope this isn't the beginning of the end. I haven't liked hardly anything they've put out recently but I love their older stuff. The newer stuff that I do like is incredibly overpriced. Will be interesting to watch how this plays out.

Yeah they 100% did this to themselves. Build quality has dropped dramatically and their price point has gone way up. Never a good combo.

Have a friend who is a professional musician (locally not like a rock star lol) and he was the biggest Gibson fanboy ever but after buying a new one recently he was totally disgusted. Still has his vintage ones but has switched to PRS
 
OP
OP
puckhead

puckhead

Waxing Gibbous
Moderator
Supporting Member
Joined
Jun 15, 2005
Posts
15,980
Reaction score
14,197
Location
Moment, AZ
They also made some crazy investments trying to get into electronics which they had no experience with. It's really a sad story considering how popular the brand was for such a long time. At least the used market is still vibrant.
 

Staff online

Forum statistics

Threads
534,830
Posts
5,246,708
Members
6,273
Latest member
sarahmoose
Top