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Gibson Reaches Global Settlement, Juszkiewicz Stepping Down

by Christian Wissmuller • in
  • Featured
  • Upfront
• Created: September 7, 2018

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According to Gibson Brands, Inc., all of the major stakeholders involved in Gibson’s Chapter 11 cases have reached a global settlement in regards to the company’s plan of reorganization.

On Septemer 6, then-chairman and CEO Henry Juszkiewicz, said, “With the Global Settlement in place, Gibson is on track to complete its restructuring and continue on its journey of crafting the highest quality of musical instruments known worldwide,”  “It is because of the united efforts of all of our stakeholders and their commitment to seek resolution that we expect Gibson can emerge from Chapter 11 during the fourth quarter of this year as a stronger company, focused on its core musical instruments business with essentially no debt.”

As to the “then-chairman and CEO” qualifier in above paragraph, on September 7th it began to be reported by multiple news outlets that Juszkiewicz would be resigning his longtime leadership role at Gibson any day now – with some claiming the move had already been made.

Brian Fox of Alvarez and Marsal, who has been working with Gibson since August 2017 and has served as chief restructuring officer, will oversee Gibson’s daily operations in his role as CRO until a CEO successor is appointed, “while Mr. Juszkiewicz takes some time off before starting in a consulting role at Gibson.”

Further information is available by calling Gibson’s Restructuring Hotline, toll-free in the U.S., at (844) 240-1258. For calls originating outside the U.S., dial (929) 477-8085. Email inquiries can be directed to gibsoninfo@primeclerk.com.   Copies of the plan and disclosure statement materials and other court filings and documents related to the court proceedings are available on a separate website administered by Gibson’s claims agent, Prime Clerk, at https://cases.primeclerk.com/gibson..

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