Bad news for fans of the Les Paul, the SG and the Flying V — iconic guitar company Gibson is reportedly facing imminent bankruptcy.
According to reports from the Nashville Post and the Dayton Daily News [via Spin], the long-running axe merchants recently saw the departure of chief financial officer Bill Lawrence after a mere six months with the company.
The company, which reportedly brings in $1 billion USD, currently faces crisis as $375 million in senior secured notes mature and an additional $145 million in bank loans are due in July if the company is not refinanced.
Gibson had been based in a Nashville warehouse since the 1980s, but recently shuttered operations there in an effort to restructure the company. The Post reports that owner Henry Juskiewicz is struggling to restructure thanks to an ongoing battle with creditors.
Gibson was founded in 1902 in Kalamazoo, Michigan.