Muzak Holdings, the company that puts “foot tapping” music in elevators, supermarkets and other unsuspecting venues, has filed for bankruptcy after it missed a $105 million payment to creditors.
Muzak hopes to restructure its debt load during the Chapter 11 process, the company stated in a release. Bankruptcy documents showed Muzak owes its largest creditor — U.S. Bank, as indentured trustee — about $370 million, nearly all of it due this year. Muzak spokeswoman Meaghan Repko said the filing was voluntary and in cooperation with the creditors.
