WeFixFlats
Respect The Clave
A follow up story...It's Official:
https://reverb.com/news/gibson-file...ruptcy-protection?utm_medium=TW&utm_source=TW
https://reverb.com/news/gibson-file...ruptcy-protection?utm_medium=TW&utm_source=TW
Gibson filed for bankruptcy protection.Anyone able to translate the nitty gritty of that for us?
Anyone able to translate the nitty gritty of that for us?
Probably. but it depends entirely on who the bankruptcy judge sets up as trustees and what they decide as far as management of the company in bankruptcy protection.Basically, it's a chance to start over. They will restructure their debts into new payment agreements. They will reorganize, which could include downsizing and selling off some of the subsidiaries they own. Time will tell what changes actually take place, but bottom line is their core brands will keep doing business and Henry J will still be at the helm, for now at least.
Basically, it's a chance to start over. They will restructure their debts into new payment agreements. They will reorganize, which could include downsizing and selling off some of the subsidiaries they own. Time will tell what changes actually take place, but bottom line is their core brands will keep doing business and Henry J will still be at the helm, for now at least.
Probably. but it depends entirely on who the bankruptcy judge sets up as trustees and what they decide as far as management of the company in bankruptcy protection.
Thanks fellas... I get bankruptcy in general, was more curious about this section:
According to the Gibson statement, "The Company has reached a 'Restructuring Support Agreement' with holders of more than 69.0% in principal amount of its 8.875% Senior Secured Notes due 2018, and its principal shareholders, that clears the pathway for the continued financing and operations of the musical instruments business as well as a change of control in favor of those noteholders."
This agreement with existing noteholders includes an additional $135 million in debtor-in-possession financing to allow the company to continue operations through this transitional period.
and to pursue "other interests"And then he will resign "to spend more time with family"
That's another good oneand to pursue "other interests"
Interesting stuff from the rumor mill. Apparently Joe Bonamassa is interested in throwing his hat in the ring to buy Gibson. No way he has that kind of cash, but I assume he would be looking to lead a group of investors.
I'm cool with a guitar nerd, just not d-bag JoeAgreed. He's not THAT rich, but he's the kind of name that would excite an investment group. I'd like to see it happen. I think it would be fun to see Gibson have a high-placed "guitar nerd". It would hopefully improve their QC.
I'm cool with a guitar nerd, just not d-bag Joe
I've seen several interviews, mostly talking about gear, that makes him sound like a close minded jerk.Oh geez... Joe is more a regular guy than most other musicians out there. Hardly a D-bag.
I've seen several interviews, mostly talking about gear, that makes him sound like a close minded jerk.
Edit: a perfect example:
https://reverb.com/news/joe-bonamassa-calls-pedalheads-lazy-in-new-interview