Who is going to end up running things? The people Gibson are indebted to don't necessarily have any idea about running an instrument manufacturer. Isn't it a possibility they could simply liquidate and end the brand? Or perhaps they'll put it up for sale or hire another management team to run it. Is there any consensus prediction about what direction Gibson will go? They've already defaulted at this point correct?
No, it's not a real world possibility. KKR and the other secured creditors will be shedding the electronics businesses. They're committed to running Gibson as a musical instrument company and hiring (hopefully) competent management, just as Fender has done. Not a guarantee of success, of course.
Gibson has not defaulted. Declaring Chapter 11 either stops a default from happening (in Gibson's case), or if a default has already happened, stops it from proceeding further, until the Chapter 11 process is resolved.