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Gibson Files for Bankruptcy in Deal to Renew Guitar Business

  • Instrument maker for B.B. King, Elvis Presley has lender pact
  • Plans to ‘unburden’ itself of consumer-electronics business
Bloomberg business news
Gibson Brands File For Bankruptcy
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Gibson Brands Inc. filed for bankruptcy protection, with lenders taking control of the iconic American business that’s supplied guitars to B.B. King, Elvis Presley and Pete Townshend.

The Chapter 11 filing on Tuesday in Delaware keeps Gibson in business but gives ownership to noteholders, replacing stockholders that include Chief Executive Officer Henry Juszkiewicz, the company’s leader for more than three decades. According to court filings, current noteholders include Silver Point Capital, Melody Capital Partners and funds affiliated with KKR Credit Advisors.