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Muzak applies for bankruptcy protection
By CMU Editorial | Published on Wednesday 11 February 2009
Did you know that ‘Muzak’ is actually the name of a company that makes music for lifts? And shops and the like. Well it is. Though give it a couple of weeks and I’ll have to say, well it was.
Muzak Holdings LLC have filed for Chapter 11 bankruptcy protection. Though the firm, who have somewhere between $100 million and $500 million in debts, say they hope to restructure their debts while enjoyed Chapter 11 protection and to come out the other side a stronger company.
Many of the firm’s debtors are music companies whose music (songs and recordings) it licences on behalf of the retailers for whom it provides instore music.
