A debt for equity swap would be the best case scenario for the Gibson brand, considering the current situation, so long as the rescuing debt holder brings in new management. In any case, the brand will not go away. Much too valuable. Worst case scenario would be having the name sold off without the physical assets.
Robert Palmer uncomfortable on stage? Really? Granted, he's no Iggy, but compared to a live performance by Moon Martin, who wrote this, Palmer was a bundle of energy. Besides, back then Martin looked like an old maid schoolteacher.