The agreement additionally includes $165 million in new equity investments from a fund managed by the private equity group of Guitar Centers controlling owner Ares Management Corporation (which acquired a majority stake in the company in 2014), new investor Brigade Capital Management, a fund managed by The Carlyle Group and other lenders.
The company says its business operations will continue uninterrupted during the debt restructuring process and that it will continue to pay its vendors, suppliers and employees; operate its stores, websites, call centers and social media pages; and receive goods and ship orders. It will additionally honor all merchandise credits, prepaid lessons, rentals, gift cards, deposits, orders, financing and war…
Read the full article at: https://www.billboard.com/articles/business/9488875/guitar-center-bankruptcy-debt-restructure