Missouri Illinois Bankruptcy Attorney Foreclosure Reposession of Car

How We Can Help you

Bankruptcy Blog

Library

Castle Law Office Bankruptcy News for Missouri & Illinois | Castle Law Bankruptcy Current Events

Muzak's Bankruptcy Plan Approved

According to a January 12 statement from music and entertainment company Muzak Holdings LLC, the company’s bankruptcy reorganization plan received the approval of a U.S. judge, paving the way for the company to emerge from bankruptcy later in January.

Muzak, best known for providing background music in stores, hotels, and elevators, filed for bankruptcy protection in February 2009 in order to restructure maturing debt.

The plan allows for the company’s lenders to trade debt in the company for equity, reducing the company’s outstanding debt to $230 million. The company’s debt was more than double that amount when it filed for bankruptcy.

Also on January 12, the company’s $108.75 million senior secured exit financing facility from GE Capital, Silver Point Finance, and MFC Global Investment Management received the approval of a U.S. bankruptcy judge in Delaware.

The company expects to exit bankruptcy by the end of January.

The company’s roots trace back to the 1930s, when it sold re-recorded music for factories, elevators, and passenger ships. Muzak was owned by private equity fund ABRY Partners LLC when it filed for bankruptcy protection.

Read More About Muzak's Bankruptcy Plan Approved...

back to top

News

FAQs

Videos