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Gibson can declare bankruptcy after 116 years of activity

Gibson guitar


Gibson can declare bankruptcy after 116 years of activity

Rumors suggest that Gibson, the iconic guitar and guitar brand maker, is facing a possible bankruptcy.

Nashville Post sources indicate that much of the problem came with the departure of Bill Lawrence, the company’s chief financial officer. Lawrence would have left the company in poor condition since “$ 375 million in debt and $ 145 million in loans” would be reaching their “maturity” if they were not refinanced until July.

Gibson white

In addition, Gibson also left Nashville, the city that had been its headquarters for more than 30 years. Now, the company’s future lies in the hands of Henry Juskiewicz, the owner of the company, but it will be a difficult battle: Juskiewicz would be “facing a fight against creditors over bad business decisions,” as the Dayton Daily News points out, and one of options to resolve the financial situation would be to decree the bankruptcy of the company.

Founded in 1902, Gibson is estimated to fetch about $ 1 billion a year. The company has some of the most iconic guitar models ever released in history, such as Les Paul, SG and Flying V.

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