Earlier this week reports were circulating that Gibson Guitars was in financial trouble. However, in response to these reports, Gibson has released a statement that says the company is working on refinancing and does not expect to suffer the dire consequences that its largest creditor, Moody's, said would likely occur. While Moody's stated that Gibson was facing the possibility of bankruptcy or selling stock to meet its obligations, Gibson responded that it "that it has met all current obligations to the bondholders, is in the process of arranging a new credit facility to replace the bonds, and fully expects the bonds to be refinanced in the ordinary course of business." Gibson Chairman and CEO Henry Juszkiewicz added, "These bonds expire as all fixed income instruments do at the end of their term." He also pointed out that the company has been working with Jefferies investment bank in a process to manage the refinancing process. We'll let you know what happens.