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Yet Again, Guitar Center, Owner of AVDG, Sees Moody’s Downgrade Its Credit Rating

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Guitar Center store in Florida

Moody’s on GC: ‘Outlook Remains Negative’

This week, Moody’s Ratings, part of Moody’s Investors Services, announced that it was cutting Guitar Center’s credit rating to Caa3, down from Caa2. Guitar Center came on Strata-gee’s radar screen back in 2017 when it acquired AudioVisual Design Group (AVDG), a multi-regional integration group that to me seemed an odd fit with the mission of a struggling mass market musical instrument dealer. In 2020, Guitar Center filed for bankruptcy but has since exited on court approval of a new operating plan.

See more on the struggles of Guitar Center causing this downgrade

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Once Again Moody’s Downgrades the Credit of AVDG Parent Guitar Center

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Photo of Guitar Center store in Manhattan. Guitar Center owns AVDG
Guitar Center in Manhattan

Moody’s Investors Service (Moody’s) announced recently that it has once again downgraded the overall credit rating of Guitar Center Inc. – the owner of custom integrator Audio Visual Design Group (AVDG). The agency has dropped its creditworthiness from B2 to B3. Not only that, Moody’s notes that it has additionally downgraded the company’s rating on a specific item – its senior secured note – to Caa1 from B3. The outlook for the near term is said to be “stable.”

This is yet a new chapter in a long-troubled private equity-owned company swimming in debt and trying to grow itself out of trouble.

See more on Moody’s analysis of Guitar Center/AVDG…

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Moody’s Upgrades Credit Rating of Once Bankrupt Guitar Center, Parent of AVDG

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Moody’s Investors Service, one of the nation’s largest credit rating agencies, announced last week that it has raised the credit rating of Guitar Center, the owner of custom integration company Audio Visual Design Group. Guitar Center has struggled for years, finally falling into bankruptcy – from which it emerged about ten months ago in December 2020.

Read more about Guitar Center & AVDG’s elevated rating

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Judge Approves Reorg Plan by AVDG Parent Guitar Center

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Photo of Guitar Center store in Albany, NY
[Photo: Gabby Jones/New York Times]

Company to Exit Bankruptcy Soon

The judge hearing the matter of the bankruptcy filing of Guitar Center, Inc., parent company of custom integration company Audio Visual Design Group (AVDG), has accepted the organization’s plan to reorganize operations in order to emerge from bankruptcy. With this move by the court, the stage has been set for Guitar Center to exit from bankruptcy proceedings soon, perhaps any day now.

See what the court’s action means for Guitar Center & AVDG…

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Guitar Center, Owner of AVDG, Files for Bankruptcy

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Guitar Center store
Guitar Center store [Click to enlarge]

In an unusual Saturday night filing, Guitar Center, Inc., parent company to AV integration company Audio Visual Design Group (AVDG), filed for bankruptcy protection. The move was widely expected by many industry watchers for years, and caps a difficult business history for Guitar Center, starting back in 2007 when they were first acquired by Bain Capital.

See what we know so far about the Guitar Center and AVDG bankruptcy…

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