Muzak Holdings Files For Ch. 11

Law360 (February 10, 2009, 12:00 AM EST) -- Muzak Holdings LLC, a supplier of business background music, filed for Chapter 11 protection Tuesday after it was unable to make a $105 million debt payment.

In its Chapter 11 petition, filed in the U.S. Bankruptcy Court for the District of Delaware, Muzak listed $460 million in debts and $324 million in assets.

The Fort Mill, S.C.-based company said it had previously reached an agreement with its lenders to access all cash on hand, and that it would continue normal operations, including paying employee salaries and...
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