First Ever Guns N’ Roses Interview Surfaces Online!
Raz Cue who played an important part in the history of Guns N’ Roses and knew Axl Rose, Izzy Stradlin, Duff McKagan and Traci Guns recently posted the first ever known interview with Guns N’ Roses. The lineup doing the interview didn’t include Slash and Steven Adler. Check it out below!
Oh yeah by the way we are interviewing Raz Cue very soon!
Gibson Starts Layoffs as Credit Rating Downgraded
According to SixxSense Gibson, the maker of the iconic guitars has announced layoffs as the company’s credit rating was lowered/
“The world’s most iconic guitar company is hurdling towards two deadlines this summer at which it must come up with a plan to pay its creditors and bondholders more than half-a-billion dollars.
The CCC- rating comes with the description “Default imminent with little prospect for recovery.”
Gibson representatives have been bullish on the company’s chances of survival, but Gibson also recently announced it was firing 15 employees at its vaunted Nashville Custom Shop ahead of a big debt refinancing effort.
CEO Henry Juszkiewicz said the down-sizing was part of a refinancing initiative.
The Nashville Post reported last month that Gibson has until July 23 to refinance hundreds of millions in bonds.
“At the end of the day, someone will take control of this company — be it the debtors or the bondholders,” Debtwire reporter Reshmi Basu told The Nashville Post. “This has been a long time coming.”
Layoffs in the company’s high-end Custom Shop will do little to restore the confidence of Gibson’s many concerned fans who have heard tales of turmoil and turnover at Gibson. Those factors are believed to have led to deteriorating quality in Gibson’s products.
CFO Bill Lawrence quit his job with the company in January after less than a year there. He did so just six months before the $375 million in senior secured notes is set to mature in July.
Another $145 million in bank loans is coming due in August.
Basu says bondholders have complained that Gibson has been unclear insofar as how it plans to tackle its debt issues.
But debt isn’t the only problem for Gibson.
While the company reportedly rakes in $1 billion in annual revenue, it’s suffered from a growing sentiment from musicians that Gibson products just aren’t what they used to be.
Gibson has endured a number of public relations failures in recent years, and negative reviews of their instruments are piling up online.