Improved Capital Markets Help Muzak Exit Ch. 11

Law360, New York (February 1, 2010, 6:17 PM EST) -- Muzak Holdings LLC emerged from Chapter 11 protection Monday, less than a month after a judge approved more than $100 million in exit financing and confirmed a reorganization plan that cuts the company's debt by more than half while splitting the music provider into three new divisions.

The company said it completed its restructuring through the U.S. Bankruptcy Court for the District of Delaware, leaving Muzak with $230 million in outstanding debt and a new corporate organization.

Muzak CEO Stephen P. Villa praised the new structure...
To view the full article, register now.