Guitar Center Sinks Further Ahead of Bankruptcy

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On November 18, 2020, S&P Global Ratings lowered its issuer credit rating on Guitar Center Holdings, Inc. to D from CCC- and its debt rating to D. The downgrade follows the Company’s announcement that it has entered into a restructuring support agreement, through which it is expected to file for reorganization under Chapter 11 of the U.S. Bankruptcy code. S&P Global also considers the Company's debt instruments to be in default and anticipates a generalized default given its intention to file for bankruptcy before the end of the year.

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