Muzak Gets Green Light To Tap Cash Collateral

Law360, New York (February 12, 2009, 12:00 AM EST) -- A bankruptcy judge gave Muzak Holdings LLC permission Thursday to access more than $20 million in cash collateral, in one of 10 first-day motions to receive court approval.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware granted the supplier of business background music interim approval to use the cash collateral to pay employee wages, professional fees and other "critical" expenses.

The judge also signed off on motions to pay prepetition wages and benefits, fees for vendors, licensors and licensees, and...
To view the full article, register now.