October 2, 2018 / 12:34 AM / 7 months ago

Guitar maker Gibson readies for hearing on plan to exit bankruptcy

Guitar maker Gibson Brands Inc in a filing on Monday urged bankruptcy court approval of a reorganization plan it said will ensure the company stays in business.

In its filing in U.S. Bankruptcy Court in Delaware, Gibson said the plan will see it emerge from Chapter 11 bankruptcy under the ownership of its bondholders, with its $500 million in debt off its books and up to $70 million cash to propel a “business plan for growth.”

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