Pinky
and The Brain...
Screaming headlines with no real news except that because the debt exchange succeeded they now have a higher credit rating and are seen as being more solvent! Which is kind of implausible in the face of the facts iterated, but still the story actually says bankruptcy is not imminent. Remind me not to click on news from that site in the future.
I interpreted the article a bit differently, it basically said their rating went from atrocious to abysmal. It definitely didn't try to paint a rosy picture. Guitar Center's credit rating is nearly as low as a rating can be, the next step is no rating because the company folded. You can bet there's no investors lining up to get in on this. GC likely leveraged its debts with various other companies to buy the bit of time they have, as previously explained.