Iconic guitar company Gibson on the verge of bankruptcy

Iconic guitar company Gibson is on the brink of bankruptcy after making guitars for 116 years.

Gibson recently saw the departure of its chief financial offer, Bill Lawrence. Gibson also recently moved out of its Nashville warehouse, which it had called home for over three decades.

Founded back in 1902 in Kalamazoo, Michigan, Gibson started making electric guitars in 1935. Gibson is estimated to pull in $1 billion a year in revenues. The legendary guitarist himself designed the Les Paul, and it first went into production in 1952. Other famous guitars by Gibson include the Firebird, SG and the Flying V.

Famous guitarists who played the popular Les Paul’s include; Chuck Berry to  Jimmy Page, to Eric Clapton, Sheryl Crow, Pearl Jam and the Foo Fighters.

Gibson Brands CEO Henry Juszkiewicz outlined their plans to the Nashville Business Journal: “We have been monetising assets like stock holdings, real property and business segments that could not achieve the level of success we expected. By monetising these assets, we can reduce debt and generate funds to contribute to business segments that are thriving. It is important to our business to get back to the financial success we had to achieve the best financial terms in the refinancing of our company.”

The company owes $375 million in secured notes which are due to be paid later this year. $16.6 million has been recently repaid on those notes, which were issued in 2013. If the rest of the money cannot be repaid by July 23, another $145 million in bank loans will become due immediately.

Here are 10 of the best solos played on a Gibson Les Paul:

1: “Anarchy in the U.K.”—Steve Jones

2: Sweet Child O’ Mine”—Slash

3: “Sympathy for the Devil”—Keith Richards

4: “Moonage Daydream” — Mick Ronson (David Bowie, The Rise and Fall of Ziggy Stardust and the Spiders from Mars, 1972)

5: “Black Dog” – Led Zeppelin (Jimmy Page)

6: “Another Brick in the Wall, Pink Floyd

7:  Eric Clapton: “All Your Love”

8: Peter Green: “The Supernatural

9: Heartbreaker” – Jimmy Page (Led Zeppelin, Led Zeppelin II, 1969)

10: “Walk This Way” – Joe Perry (Aerosmith, Toys in the Attic, 1975)

What are your favourite Gibson guitar solos? Let us know in the comment section below or over on our social media channels.