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Wednesday, February 11, 2009

muzak files for chapter 11


From Reuters

Music and entertainment company Muzak Holdings LLC, which is known for providing background music in stores and hotels, said on Tuesday that it has filed for Chapter 11 bankruptcy protection to restructure its debt.

In documents filed with a U.S. bankruptcy court, the Fort Mill, South Carolina-based company listed assets in the range of $0 to $50,000 and liabilities in the range of $100 million to $500 million.

"We believe chapter 11 will provide us with the opportunity to right size our capital structure and gain financial flexibility...," Chief Executive Stephen Villa said in a statement.

Muzak, which is majority owned by private equity fund ABRY Partners LLC, said it has sufficient means to support the business during the chapter 11 process.

The case is In re: Muzak Holdings LLC, No 09-10422, U.S. Bankruptcy Court, District of Delaware. (Reporting by Santosh Nadgir in Bangalore and Emily Chasan in New York; Editing by Anil D'Silva)