After 116 years in business, legendary guitar company Gibson is having big financial problems...

The Nashville Post reports that the Nashville-based company owes hundreds of millions of dollars and Gibson may soon have to pay those loans back if they can’t reach an alternative deal in the coming months.

Gibson manufactures iconic guitars which through the years have been the choice of many artists from Slash and Jimmy Page to Chet Atkins and The Everly Brothers to name just a few.

Now they are in a tight spot. In six months, $375 million worth of notes will mature and  need to be repaid or refinanced. The Post says...“On top of that, another $145 million in bank loans will come due immediately if those notes, issued in 2013, are not refinanced by July 23rd”.

If Gibson does not reach a new deal or come up with money quickly, one of the most globally recognized makers of fine guitars may be headed to bankruptcy court.

The company faces increasing competition from other manufacturers and Gibson has seen its overall market share decrease. Gibson is still a huge name and the company does more than $1 billion in annual revenue. But with debt it can’t currently pay, the future for Gibson is uncertain.