Gibson Brands Inc., one of the two most iconic guitar companies in music history, is facing bankruptcy after years of challenges, according to a report in the Nashville Post and other sources.
The Post reports that the company, which has annual revenues of more than $1 billion, is less than six months away from $375 million of senior secured notes reaching maturity; another $145 million in bank loans will be due immediately if those notes, issued in 2013, are not refinanced by July 23. The companys chief financial officer, Bill Lawrence, recently departed after just six month in the role; the company also moved out of its Nashville offices, from which it had operated since moving to the city from Kalamazoo, Michigan in the 1980s.
Read the full article at: http://variety.com/2018/biz/news/gibson-iconic-guitar-company-said-to-be-nearing-bankruptcy-1202704143/