Gibson Guitars Files for Bankruptcy

Gibson Guitars Files for Bankruptcy

Gibson Brands Inc., the company behind the iconic Gibson guitars, has filed for bankruptcy in Delaware.

Gibson announced they have reached a ‘restructuring support agreement’ with noteholders and shareholders, which includes a change of control in the noteholders’ favor and a $135 million loan from noteholders. Bloomberg reports noteholders will receive equity in a new company, replacing current stockholders, such as the Gibson’s CEO who said the restructuring process will be “virtually invisible to customers.’

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