Gibson Brands Inc. officially announced on Tuesday that the U.S. Bankruptcy Court for the District of Delaware has confirmed the its plan of reorganization, representing the final legal step before Gibson can emerge from Chapter 11. According to Gibson, it expects to emerge from bankruptcy in early November.
“Today’s confirmation of our plan of reorganization is a significant milestone toward completing our restructuring and beginning a new chapter for Gibson as a stronger company with essentially no debt and a bright future,” said Brian Fox, Gibson’s chief restructuring officer. “Focusing on our iconic brands and core musical instruments, Gibson is poised to continue as one of America’s premier manufacturers of musical instruments with a clear path that will benefit our customers, business partners and employees over the long term.”
Gibson’s plan of reorganization will allow the company’s musical instruments and professional audio businesses to continue to design, build, sell and manufacture Gibson and Epiphone guitars, as well as KRK and Cerwin Vega studio monitors and loudspeakers.
“As Gibson moves forward, we would like to thank our employees, customers and business partners for continuing to support the company and its iconic brands throughout this process. There is much to look forward to as Gibson embarks on its next chapter,” said Fox.