Muzak Ch. 11 Plan Seeks To Slash Debt To $230M

Law360, New York (September 10, 2009, 1:09 PM EDT) -- Bankrupt Muzak Holdings LLC has filed a Chapter 11 reorganization plan and accompanying disclosure statement with the support of its creditors, which would reduce the company's outstanding debt by more than half to $230 million.

Muzak and its subsidiaries filed the plan and disclosure statement in the U.S. Bankruptcy Court for the District of Delaware on Wednesday.

The company's annual interest expense would be significantly reduced under the plan as well, Muzak said Thursday.

The plan is supported by an overwhelming majority of the company's unsecured...
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