Guitar Center Inc., the largest American retailer Musical instruments and instruments, filed Chapter 11 Bankruptcy On Saturday, music enthusiasts moved their shopping online International spread of corona virus.
The retailer is in talks to finance a total of $ 375 million in debt from existing lenders and intends to raise $ 335 million on new senior securities, the company said in a statement.
Earlier this month the company reached a restructuring agreement with key shareholders, which includes a debt reduction of nearly $ 800 million and new equity investments of up to $ 165 million to recapitalize the company.
The company, which is filed in court, has between $ 1 billion and $ 10 billion in both assets and liabilities.
The guitar center, which has nearly 300 stores across the country, said business activities will continue without any disruption.
He has served as Legal Adviser to Millbank LLP, PRG Restructuring Consultant, and Financial Advisor to Hoolihan Loki.
The Guitar Center opened in 1959 as a home appliance store in Hollywood.
The company filed for bankruptcy in Chapter 11 of the U.S. Bankruptcy Court in the Eastern District of Virginia.
(Radhika Anilkumar report in Bangalore; Lincoln party editing.)
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