Music

Guitar Maker Gibson Files for Bankruptcy Protection The iconic guitar maker to some of the most famous musicians in the world has filed for Chapter 11 bankruptcy in the United States

@otuslive

GIBSON, THE iconic guitar maker to some of the most famous musicians in the world, has filed for Chapter 11 bankruptcy in the United States.

Gibson Brands, whose guitars have been used by Elvis Presley, The Beatles, BB King, and Slash, filed for pre-negotiated reorganisation cases under Chapter 11 of the US Bankruptcy Code,” the company said in a statement.

The company’s financial woes began with the acquisition of a business, that sold speakers and headphones, from Koninklijke Philips in 2014 and then the stake buy in Onkyo in 2012, a Bloomberg report said.

Under this agreement, the company said it will re-focus to produce musical instruments and professional audio products and “the continued development of the Company’s portfolio of iconic, globally-recognised brands including Gibson and Epiphone.”

Gibson owes around $500 million to its lenders and will get a loan of $135 million to stay afloat.

Most importantly, the agreement then will allow Gibson to continue to make and develop guitars.

So, with this filing, it appears Gibson has managed to chase away the blues and keep fears of ‘While My Guitar Gently Weeps’ from becoming a key footnote in its illustrious history.

#Gibson: WHAT THEY SAID

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And we leave you with some evergreen music played on a Gibson as curated by CBC Radio.



3. Hotel California by Eagles 

 



2. Sweet Child O’ Mine by Guns N’ Roses

 



1. While My Guitar Gently Weeps by The Beatles

–ENDS–

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