May 14, 2020 I Finance
Guitar Center Makes Payments, Avoiding Default
Guitar Center, the largest U.S. retailer of musical instruments and equipment, has made the payments it skipped last month, thus elevating them from the threat of a default, according to Bloomberg.
Last month, Guitar Center failed to pay interest on its unsecured bonds due 2022 and first-lien bonds due 2021, putting them in danger of a default. Since the chain made the required payments by May 15, the company is no longer at risk.
Guitar Center declined to comment.