Guitar Center Hits Ch. 11 With Plan To Cut $800M In Debt

Law360 (November 23, 2020, 11:18 AM EST) -- Musical instrument retailer Guitar Center has filed for Chapter 11 protection in Virginia with a plan in hand to slash roughly $800 million in debt, citing the COVID-19 pandemic and the company's high existing debt load.

Guitar Center Inc. and seven affiliates filed their petitions on Saturday, roughly a week after Guitar Center announced that it had reached a restructuring deal with key stakeholders and was prepping a Chapter 11 filing. The company told a bankruptcy judge Monday that it likely would have been able to avoid bankruptcy without the impact of the outbreak.

"But for the economic devastation caused by...

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