Guitar Center Inc, the largest U.S. retailer of music instruments
and equipment, filed for Chapter 11 bankruptcy on Saturday, as music
lovers moved their shopping online during the coronavirus pandemic.
The retailer has negotiated to have a total of $375 million in
debtor-in-possession financing from its existing lenders and intends to
raise $335 million in new senior secured notes, the company said
https://refini.tv/3fpM2UC in a statement.
Earlier this month the
company reached a restructuring agreement with key stakeholders that
includes debt reduction by nearly $800 million and new equity
investments of up to $165 million to recapitalize the company.
The company in a court filing said it has between $1 billion and $10 billion of both assets and liabilities.
Guitar Center, which owns nearly 300 stores across the country, said business operations will continue without any interruption.
Milbank
LLP served as legal counsel, BRG served as restructuring advisor, and
Houlihan Lokey was financial advisor to the company.
Guitar Center began in 1959 as a store selling home organs in Hollywood.
The company filed for Chapter 11 bankruptcy in the United States Bankruptcy Court of the Eastern District of Virginia.
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