Gibson guitar has filed for a bankruptcy chapter 11 reorganization. According to the filings, the company owes $500 million and is seeking a loan of $135 million. Under Gibson's chapter 11 plan, the company aims to give equity in the company to some of its creditors in order to allow the company to restructure and continue doing business. The change in control will give noteholders equity in a new company, replacing current stockholders such as Chief Executive Officer Henry Juszkiewicz. Current noteholders include Silver Point Capital, Melody Capital Partners and funds affiliated with KKR Credit Advisors. Juszkiewicz will continue with the company post-restructuring, assuming the creditor committee approves the chapter 11 plan. The company was founded in 1894, sells over 170,000 guitars annually throughout 80 countries. The guitars are manufactured in Nashville and Memphis, Tennessee, and Bozeman, Montana.