Regarding the OP and thread title:
Bain already owns GC. They are essentially cashing out by giving it to the creditors. It's how the acquisition game works:
1. You buy into a company.
2. You secure debt. The more the merrier!
3. The debt is used in part to reward
yourself management for "rescuing" the company by securing debt.
4. The company now needs to generate cash to make debt payments.
5. If the company can keep up with the debt payments and come out ahead you win! If it can't, then you cash out in one way or another, and if the management fees, bonuses etc. cover your investment plus a nice profit, you win!
Fender is in the same deal. A lot of their cash flow that they use to pay off their debt is generated by GC.