Guitar Center Emerges News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Just a month after filing to reorganize under Chapter 11, Guitar Center Inc. has emerged after ridding its balance sheet of about $800 million in debt.
The Westlake Village musical equipment retailer has entered agreements to receive up to $165 million in new equity financing from stakeholders Ares Management Corp. in Los Angeles, hedge fund Brigade Capital Management and private equity firm Carlyle Group. The three firms now own 100 percent of the common stock in Guitar Center.
The company also raised $375 million by entering a new secured asset-based revolving financing facility funded by Wells Fargo and JPMorgan, and another $350 million – up from the expected $335 million – by selling new senior secured notes. That adds up to about $890 million in operating capital. ....

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