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Music (Temporarily) Stops for Gibson

Gibson Brands Inc. files for bankruptcy.

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Gibson Brands Inc., the business behind the famed Gibson guitars used by artists such as B.B. King, Jimmy Page, Les Paul, Elvis Presley and Pete Townshend, has filed for Chapter 11 bankruptcy protection in Delaware. Gibson, which is also known for its script-letter logo, owes as much as $500 million, though lenders will deliver a new loan of up to $135 million to keep Gibson running amidst its financial reorganization.

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