Off-Topic :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Gibson guitars reportedly facing bankruptcy
Posted by:
Worth more now?
()
Date: February 19, 2018 11:35PM
CFO Bill Lawrence recently left the company after less than a year on the job and just six months before $375 million of senior secured notes will mature. On top of that, another $145 million in bank loans will come due immediately if those notes, issued in 2013, are not refinanced by July 23.
Less than six months out from those crucial deadlines, the prospects for an orderly refinancing — Gibson has hired investment bank Jefferies to help with that — look slim, observers say. And the alternative scenarios look likely to sideline longtime owner and CEO Henry Juszkiewicz.
“At the end of the day, someone will take control of this company — be it the debtors or the bondholders,” Debtwire reporter Reshmi Basu told the Post this week. “This has been a long time coming.”
[…] Kevin Cassidy, a senior credit officer at Moody’s Investors Service, says Juszkiewicz essentially has just three options: He and his team could negotiate an exchange of their debt coming due for new notes, which may not be feasible at a reasonable price. He also could be persuaded — or forced — to give up some of his equity in exchange for the debt payments. Or he may end up taking one of the most globally recognized brands that calls Nashville home to bankruptcy court.
“This year is critical and they are running out of time — rapidly,” said Cassidy, who last summer downgraded Gibson’s debt rating. “And if this ends in bankruptcy, he will give up the entire company.”
Gibson is famous for such electric guitars as the Les Paul, the SG, the Flying V, the Explorer, the ES series, and more. Watch a documentary on the company, featuring appearances from such Gibson players as B.B. King, Tony Iommi, Billy Corgan, Tom Petty, Robby Krieger, Slash, Bob Weir, and more, below.
Less than six months out from those crucial deadlines, the prospects for an orderly refinancing — Gibson has hired investment bank Jefferies to help with that — look slim, observers say. And the alternative scenarios look likely to sideline longtime owner and CEO Henry Juszkiewicz.
“At the end of the day, someone will take control of this company — be it the debtors or the bondholders,” Debtwire reporter Reshmi Basu told the Post this week. “This has been a long time coming.”
[…] Kevin Cassidy, a senior credit officer at Moody’s Investors Service, says Juszkiewicz essentially has just three options: He and his team could negotiate an exchange of their debt coming due for new notes, which may not be feasible at a reasonable price. He also could be persuaded — or forced — to give up some of his equity in exchange for the debt payments. Or he may end up taking one of the most globally recognized brands that calls Nashville home to bankruptcy court.
“This year is critical and they are running out of time — rapidly,” said Cassidy, who last summer downgraded Gibson’s debt rating. “And if this ends in bankruptcy, he will give up the entire company.”
Gibson is famous for such electric guitars as the Les Paul, the SG, the Flying V, the Explorer, the ES series, and more. Watch a documentary on the company, featuring appearances from such Gibson players as B.B. King, Tony Iommi, Billy Corgan, Tom Petty, Robby Krieger, Slash, Bob Weir, and more, below.
Re: Gibson guitars reportedly facing bankruptcy
Posted by:
trump ruined guitars!
()
Date: February 19, 2018 11:53PM
another fail!
Re: Gibson guitars reportedly facing bankruptcy
Posted by:
No More Trump
()
Date: February 20, 2018 09:36PM
Trump has killed another business.
Re: Gibson guitars reportedly facing bankruptcy
Posted by:
Mark j
()
Date: February 20, 2018 11:18PM
No, this is obammys fault...after he sent the feds in to gibson for some fake charge, they have had trouble coming back. Thanks f er