Gibson guitars may soon strum its final chord. The iconic musical instrument brand filed for bankruptcy protection with $500 million in debt, Bloomberg reported Tuesday.
But there's still hope for a comeback tour. Gibson's bankruptcy filing came with a turnaround plan, which gives equity to lenders who help repay the company's bank loans, per NPR.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Film reviews: 'Wicked: For Good' and 'Rental Family'Feature Glinda the Good is forced to choose sides and an actor takes work filling holes in strangers' lives
-
‘Like a gas chamber’: the air pollution throttling DelhiUnder The Radar Indian capital has tried cloud seeding to address the crisis, which has seen schools closed and outdoor events suspended
-
Political cartoons for November 23Cartoons Sunday’s political cartoons include a Thanksgiving horn of plenty, the naughty list, and more
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
