Gibson & Bankruptcy – c’mon, not really!

Gibson & Bankruptcy – c’mon, not really!

Yeah, as said in the video I wasn’t planning for a video like this but then someone pushed me a bit about it and frankly, well, a guitar channel should mention something about a situation like this, right? Gibson isn’t throwing in but it’s kinda obvious they have made some bad business decisions… and I think it’s the number crunchers, those economists that really has no feeling what an iconic product like Gibson should be all about.

Anyway, here you have my rambling and here’s some more detailed information for those who wants it:

“[Gibson] and its U.S. subsidiaries today filed pre-negotiated reorganization cases under Chapter 11 of the U.S. Bankruptcy Code. The filings will allow the Company’s Musical Instruments and Professional Audio businesses to continue to design, build, sell, and manufacture legendary Gibson and Epiphone guitars, as well as KRK and Cerwin Vega studio monitors and loud speakers, without interruption.”

This news follows months of rumors and speculation regarding the company’s financial and business future centering on the maturation of a series of bonds worth upwards of $500 million this summer. According to the Gibson statement, “The Company has reached a ‘Restructuring Support Agreement’ with holders of more than 69.0% in principal amount of its 8.875% Senior Secured Notes due 2018, and its principal shareholders, that clears the pathway for the continued financing and operations of the musical instruments business as well as a change of control in favor of those noteholders.”

This agreement to transfer control of the company to existing noteholders includes an additional $135 million in debtor-in-possession financing to allow the company to continue operations through this transitional period. As part of this process, Gibson will wind-down operations of its Gibson Innovations business which includes its Philips consumer electronics subsidiary. The acquisition of Philips’ electronic division in 2014 is viewed as a major source of the Gibson’s illiquidity over the past several years.

According to longtime CEO Henry Juszkiewicz—who prior to this reorganization owned 36% of the company per court documents—”… this process will be virtually invisible to customers, all of whom can continue to rely on Gibson to provide unparalleled products and customer service.”

Mr. Juszkiewicz will remain in his position as CEO for the time being, though some sources have indicated that a change in management will likely occur under pressure from existing debt-holders.” – Source: reverb.com

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Recorded with a Sony FDR-AX100 and edited in Magix Movie Studio Platinum 14. Sound, unless otherwise mentioned, is recorded in Reaper.

Test/review: Ace Frehley “Budokan” Les Paul Custom V.O.S.

Have Guitar proudly presents a review video of the Gibson Ace Frehley “Budokan” Les Paul Custom V.O.S. – a guitar you won’t find every day as it’s a limited edition model. Now matter if you like Ace Frehley or not this is one fine Les Paul Custom, there is no doubt about that. The Budokan Les Paul Custom V.O.S. was manufactured in a stricly limited edition of 50 hand-aged (reliced) and signed by Ace Frehley, 100 hand-aged/reliced and 150 guitars treated in Gibson Customs VOS process (Vintage Original Specification).

According to Gibson “the Ace Frehley “Budokan” Les Paul Custom is a painstaking recreation of Frehley’s modified Les Paul Custom, based on intimate examination of the instrument’s current condition.” Well, I can tell you with that Dimarzio Super Distortion pickup you will get that sound that you can hear in the live videos from the mid seventies when KISS performs live.

In this video Have Guitar will showcase the Gibson Ace Frehley “Budokan” Les Paul Custom V.O.S. in 4K video and of course there will be sound examples both live in the room as well as lined recordings. Something that I personally really like about this Les Paul is that it’s a real signature model, in that aspect that it’s an authentic replica of a vintage Gibson Les Paul Custom. It’s not like “the 300” signature model that was released in 1997, that had Ace Frehley’s makeup on the headstock – sure they are also a limited run and probably highly collectable but it’s not a guitar that is historically correct in that aspect. The Budokan Les Paul is much more the real deal according to me and whilst this is not my guitar I can tell ya – I would love to own one…

And that’s it! I hope you like the showcase of this Gibson Ace Frehley “Budokan” Les Paul Custom V.O.S. – a very big thanks to Klas, who was so generous as to lend me this rare Les Paul – that is very much appriciated!!! I never thought I would even get close to one of these but thanks to him I did… so if you liked the video, there’s more where that came from!

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More information on the Gibson Ace Frehley “Budokan” Les Paul Custom V.O.S

Profiles used in this video comes from:

ReampZone

Pete’s Profiles

Ton(e)hammer

MBritt