Hmmm, it sounds like the company has a good core business of guitars and Baldwin pianos. Their CEO bought a music electronics company for $135 million a few years ago from Philips, and it drained cash and forced Chapter 11. The company has been around since 1894. They aspired to be a "music lifestyle brand."
But it sells 170,000 guitars a year. Seems like a lot. But I dunno how much the guitars make and whether it's enough to pay the debt for the >$500 million they owe. Yikes. They make all their guitars in the USA. Creditors who took control of the company might make them move that overseas.