American Retailer Guitar Center Bankruptcy Files

American Retailer Guitar Center Bankruptcy Files

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.

Get Fox Business by clicking here

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.

Gutter Center enters into an agreement to reduce debt through M 800M

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.

Click here to read more about Fox Business

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.)

READ  Mohawk Industries accused of fabricating product sales, other violations stock falls 8%

You May Also Like

About the Author: Max Grant

Devoted web lover. Food expert. Hardcore twitter maven. Thinker. Freelance organizer. Social media enthusiast. Creator. Beer buff.

Leave a Reply

Your email address will not be published. Required fields are marked *