Muzak Circles The Drain, Elevators May Go Silent
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...
Satellite Radio In Sirius Trouble
Sirius XM Satellite Radio will declare bankruptcy unless a deal can be worked out with Echostar owner Charlie Ergen who has been buying up Sirius debt in an effort to take over the concern. Sirius CEO Mel Karmazin has been circling the wagons with a team of lawyers and restructuring firm Alvarez & Marsal and is preparing to file for Chapter 11 protection before a $175 Million debt payment is due next Tuesday. Filing for Chapter 11...
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