The iconic guitar company Gibson could be facing bankruptcy
Founded in 1902 in Michigan, the company has seen guitar gods like Slash, Bob Marley and Santana strumming some of their solid body electric guitars. The company's chief financial officer, Bill Lawrence, left after less than a year in the job, and just six months before $375m (£267m) of senior secured notes are due to mature, according to the Nashville Post
If the notes are not refinanced by 23 July, a further $145m (£103m) in bank loans will immediately become due. Gibson has hired investment bank Jefferies to help them with their financial situation. CEO Henry Juszkiewicz now faces a limited amount of time to decide whether to exchange the debt, attempt to pay it off using his equity or try to declare the company bankrupt.