Muzak Parent Files Ch. 15 Amid Canadian Restructuring
Law360, New York (May 24, 2017, 6:27 PM EDT) -- Mood Media, the parent company to in-store media provider Muzak, has asked a New York federal bankruptcy court for Chapter 15 protection while it restructures $650 million in outstanding debt in Canada after suffering financial difficulties caused by technological changes and licensing issues.
Perhaps known best for providing instrumental background music for department store shoppers, Mood Media Corp. is looking to keep its in-store media business afloat after suffering setbacks caused by emerging media technologies, increased competition for licensing popular songs and music piracy, the company said.
In court papers filed Monday, Mood Media said it seeks legal cover in the...
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