Services revised the outlook on Guitar Center's B2 rating to negative, meaning it could downgrade the rating further into junk territory in the medium term. The concern was that Guitar Center may be overwhelmed by its $1 billion debt in the face of flat sales in the musical instrument industry as a whole. On November 13, 2020, during the COVID-19 pandemic, Guitar Center announced that it plans to file for Chapter 11 bankruptcy protection after negotiating a debt-cutting deal with key investors and lenders as soon as the weekend of November 14, 2020. Guitar Center said it received up to $165 million in new equity and lenders agreed to reduce its debt by around $800 million. Guitar Center emerged from Chapter 11 bankruptcy on December 23, 2020, after a reorganization deal added additional equity and debt capital. Guitar Center Legends Collection The "Guitar Center Legends Collection" consists of four classic guitars made famous by music legends Eric Clapton, Stevie Ray Vaughan, and U2's The Edge. Guitar Center purchased Clapton’s “Blackie” Fender Stratocaster, his vintage Gibson “ES-335,” and Vaughan’s “Lenny” Stratocaster for over $2.4 million from the Clapton Crossroads Centre charity auction at Christie's New York in 2004. They added The Edge’s cream white Gibson Les Paul Custom after purchasing it for $240,000 at the Music Rising Charity Auction in 2007. Over the years, the collection has been exhibited in one-of-a-kind, "Legends' Collection" display cases, which provide high level protection and climate control as the instruments tour prestigious musical events and key Guitar Center locations, such as "Guitar Center Road to Crossroads" held at Madison Square Garden in conjunction with Clapton’s Crossroads Guitar Festival in April 2013. In August 2014, Clapton’s Blackie and ES-335 were moved to their new permanent location at Guitar Center’s Times Square flagship location. Clapton's "Blackie" was purchased by Guitar Center for $959,500. Clapton’s Cherry Red Gibson "335", purchased for $847,500, was used to record Cream’s versions of "Badge" and "Crossroads (from their final live performance in November 1968),” as well as many other historical performances, during his 40 years of ownership. Steve Ray Vaughan’s "Lenny", which was purchased for $623,500, was used to record his classic love songs including "Lenny" and "Riviera Paradise". All of the proceeds from these three guitars purchased by Guitar Center were for the benefit of Clapton’s Crossroads Centre charity. The Edge's cream colored 1975 Les Paul Custom (faded from its original