I'm seeing articles where Guitar Center, and by proxy Musicians Friend carries something like 1.6 billion in debt... However I don't subscribe to Moody's or S&P so I can't get any first-hand source. But they did sell for 2.1 billion in '07 including debt...
Albeit fender doesn't owe near that much but a massive majority of their 250 mil debt is due 2014...
http://www.nytimes.com/2012/09/30/bu...pagewanted=all