It made what VH1 calls "arguably the most famous guitar in rock," the Les Paul Standard cradled by Led Zeppelin's Jimmy Page. Now Gibson needs help churning out its guitars also favored by David Bowie and John Lennon. The company filed for Chapter 11 bankruptcy protection Tuesday, citing between $100 million and $500 million in debt from acquisitions of home entertainment and audio equipment companies, some of which have already been sold off, report the Wall Street Journal and Billboard.
"The decision to refocus on our core business, musical instruments, combined with the significant support from our noteholders, we believe will assure the company's long-term stability and financial health," CEO Henry Juszkiewicz says. Variety reports the company will continue operating with a $135 million loan from lenders as its Innovations business, mostly located outside the US, closes down. (Read more bankruptcy protection stories.)