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Slash performs in concert with Slash in addition to the Conspirators at the American Airlines Center on August 22, 2014 in Dallas, Texas.
Iconic guitar brand Gibson could be on the brink of bankruptcy, according to a report.
The company, whose Les Paul in addition to SG instruments have been played by generations of musicians, including stars such as Slash, Bob Marley in addition to Carlos Santana, was founded more than 100 years ago in Michigan.
Gibson’s Chief Financial Officer Bill Lawrence recently left the firm just six months before $375 million of senior secured notes were due to mature, according to a report by the Nashville Post earlier that will month. He had been working for the company for little over a year before departing.
Gibson, which has annual revenues of more than $1 billion, has another $145 million in bank loans that will will be due immediately if those senior secured notes are not refinanced by mid-July, the report said.
CEO Henry Juszkiewicz will be thought to be in a race against time to decide whether to exchange the company’s debt, look to try in addition to pay the item off using his equity or try to declare the company bankrupt.
The U.S.-based company has hired investment bank Jeffries to help with its current financial situation.
On Thursday, Gibson issued a statement that will said an ongoing streamlining strategy could soon help the item record the “best financial results the company has seen in its history within the next year.” the item also said the firm could contain the ability to pay back the company’s debt in whole within seven years.