December 3, 2020
Business News

Guitar Center Takes Next Step to Recapitalize Company with Comprehensive Support Agreement and Financing

WESTLAKE VILLAGE, Calif.–()–Guitar Center, Inc. (the “Company”), the world’s leading musical instrument retailer, announced today that it has taken the next step in implementing its financial restructuring plan (the “Plan”) by filing voluntary petitions for reorganization pursuant to Chapter 11 in the United States Bankruptcy Court of the Eastern District of Virginia.

As announced on November 13, the Company has secured new financing to implement the Plan, which is supported by its equity sponsor, a fund managed by the Private Equity Group of Ares Management Corporation; new equity investors, which include funds managed by Brigade Capital Management and a fund managed by The Carlyle Group; as well as…

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