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US retail giant Guitar Center reportedly preparing to file for bankruptcy this weekend
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nme.comBloomberg, the chain and its private equity owner Ares Management are in the process of finalising bankruptcy terms with support from most of its creditors.
This could see the company apply for pre-packaged bankruptcy protection as early as this weekend.Under a Chapter 11 filing the company would undergo a restructuring.
During this process, Guitar Center would be able to keep operating its 300 US stores and be given a break from having to make debt repayments.
As per Bloomberg, the company would also cut its debt by enabling some investors to swap their holdings for a percentage of the reorganised equity.“We are in discussions with our creditors regarding multiple options to strengthen our capital structure and we look forward to a.
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