Guitar Center Inc, the largest U.S. retailer of music instruments and equipment, has reached a restructuring agreement with key stakeholders that includes debt reduction by nearly $800 million, the company said in a statement.
The retailer signed the Restructuring Support Agreement(RSA) with its equity sponsor, a fund managed by private equity firm Ares Management LP, new investors Brigade Capital Management and a fund managed by Carlyle Group, as well as supermajorities of its noteholder groups.
The agreement includes new equity investments of up to $165 million to recapitalize the company, the retailer said.
Source: Fox Business