No more elevator music

Tuesday, February 17, 2009

The maker of elevator music goes bankrupt. Muzak Files for Bankruptcy:
NEW YORK — Muzak Holdings LLC, the maker of elevator music, filed for Chapter 11 bankruptcy protection Tuesday.

The company had heavy debt load, and it filed to try to refinance some of its debt. Its total debt is between $100 million and $500 million and it has assets of less than $50,000, Muzak said in a court filing.

Fort Mill, S.C.-based Muzak filed for court protection in the U.S. Bankruptcy Court in the District of Delaware in Wilmington. The company expects to continue to operate as is. A statement said it has “sufficient means” to support itself through a bankruptcy reorganization.

The company got an extension last month on $105 million in debt, it said in a statement. The extension ran out Tuesday.
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