Global leading guitar manufacturer Gibson Guitars is set to emerge from bankruptcy protection. 

The company had filed for bankruptcy earlier in May and is now set to emerge from the situation on 1 November. It was announced that a new majority ownership and leadership team will be taking over the company starting from this week. It was revealed that global investment company KKR will be Gibson Guitars' majority owner and James Curleigh will be taking over as president and CEO.

Current CEO Henry Juszkiewicz will remain in the company for one year as a consultant during the company's transition between management. Curleigh has released a statement on Gibson Guitars' emergence from bankruptcy. Check out what he had to say below. 

Gibson has been a pioneer of craftsmanship and innovation in musical instruments and has been synonymous with shaping the sounds of generations and genres for more than 100 years. I am very honored to play a leading role with this iconic brand.As a business leader and a brand builder, this is the beginning of a new era for Gibson that will build on its proven heritage and iconic status.

We are focusing on the future and off to a fresh start, with a strong financial foundation, a committed and experienced new leadership team and new ownership that is equally passionate about the brand. As the industry leader, we have an opportunity and an obligation to set the best conditions for success for our brands, our fans, our partners and our own extended team. I look forward to leading Gibson confidently into the future.