Bankrupt guitar maker Gibson Brands Inc. said its $135 million debtor-in-possession (DIP) financing was authorized by the bankruptcy courts, which will help the company maintain daily operations. Gibson said the courts also approved the company's use of its existing cash management systems and bank accounts, which allows it to issue payments, pay trade vendors and honor outstanding checks. "Today's approval of our first-day motions is encouraging and puts Gibson on a strong footing as we move forward with our reorganization with the support of a majority of our noteholders," said Chief Executive Henry Juszkiewicz. Gibson, which filed for bankruptcy on May 1, expects to emerge for bankruptcy by the fourth quarter of 2018.