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Debt Financing / Related, Restructuring / Reorganization, Other Pre-Announcement

Guitar Center Announces Court Approval Of Restructuring Plan

Published: 12/17/2020 19:58 GMT
(GTRC) - Ric:bainpc.
Ul]:guitar Center Announces Court Approval of Restructuring Plan.
Guitar Center- Expects to Emerge From Chapter 11 by December 31 With Significantly Reduced Debt Once Customary Conditions Have Been Finalized.
Guitar Center - Upon Emergence, Co is Expecting to Operate With Capital Structure That Will Eliminate More Than $800 Million of Existing Debt.
Guitar Center - in Connection With Plan, Raised $350 Million in New Senior Secured Notes.
Guitar Center - in Addition, Several Banks Led by Wells Fargo and Jpmorgan Are Expected to Fund a New $375 Million Secured Asset Based Financing Facility.