Muzak Holdings
What goes up must come down. Muzak Holdings the US company known for providing background music in lifts has filed for Chapter 11 bankruptcy protection.
Although it missed a $105m payment to creditors, the chief executive said it was a solid business with an outstanding customer base. He went on to say that they are burdened with substantial debt obligations established over a decade ago. What have they been doing in the last ten years; did they just notice these debts creep up on them? Documents filed with a US bankruptcy court showed that the company had liabilities in the range of $100m to $500m. It’s probably insignificant if you are a UK bank.
source: BBC news
Although it missed a $105m payment to creditors, the chief executive said it was a solid business with an outstanding customer base. He went on to say that they are burdened with substantial debt obligations established over a decade ago. What have they been doing in the last ten years; did they just notice these debts creep up on them? Documents filed with a US bankruptcy court showed that the company had liabilities in the range of $100m to $500m. It’s probably insignificant if you are a UK bank.
source: BBC news
posted by Morley and Scott at
13:16
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