Gibson Files Chapter 11

[puckhead]

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]

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

 

[puckhead]

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.