May 14, 2020 I Finance
Guitar Center Makes Payments, Avoiding Default
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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.