Gibson Guitars Not Ready to Close Bankruptcy Cases, Trustee Says

The United States Trustee objected to Gibson Brands Inc.'s motion to close all but one of its Chapter 11 cases, saying that more needs to be done before the musical instrument maker is ready to exit bankruptcy.

Gibson needs to challenge objectionable creditor claims, obtain final approval of fees for attorneys and other professionals, and resolve fees it owes to the U.S. Trustee, among other things, according to a Dec. 13 filing by the trustee, a Justice Department branch that oversees bankruptcy proceedings.

Gibson Brands, including its iconic line of Gibson guitars, had been a mainstay in professional and amateur ...