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Guitar legend Gibson seeks bankruptcy protection

Guitar legend Gibson seeks bankruptcy protection | iNFOnews.ca
FILE - In this Aug. 25, 2011 file photo, Gibson Guitar CEO Henry Juszkiewicz speaks at the plant in Nashville, Tenn. The maker of the Gibson guitar, an omnipresent icon in American rock 'n' roll, is filing for bankruptcy protection after wrestling for years with burdensome debt. Samuel M. Simpkins/The Tennessean via AP, File

NASHVILLE – The maker of the Gibson guitar, omnipresent for decades on the American rock 'n' roll stage, is filing for bankruptcy protection after wrestling for years with debt.

Gibson guitars have been esteemed by generations of guitar legends. After Chuck Berry died, his beloved cherry-red Gibson guitar was bolted to the inside of his coffin lid. David Bowie favoured the 1989 Gibson L4 when he fronted Tin Machine. Slash swears by them.

A pre-negotiated reorganization plan filed Tuesday will allow Gibson Brands Inc. to continue operations with $135 million in financing from lenders.

Gibson was founded in 1894 and is based in Nashville, Tennessee. It also makes the Epiphone and Wurlitzer pianos.

The company has already sold off some noncore brands, acquisitions that contributed to its burdensome debt load.

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Howard Alexander

Assistant Editor Howard Alexander comes to iNFOnews.ca from the broadcasting side of the media business.

Howard has been a reporter, news anchor, talk show host and news director, first in Saskatchewan and then the Okanagan.

He moved his family to Vernon in the 90s and is proud to call the Okanagan home.

If you have an event to share contact Howard at 250-309-5343or email halexander@infonews.ca.

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