All seems shrouded by gloom. The bushfire toll rises in Victoria, political deadlock settles over the federal parliament, the crisis besetting the global economy stretches for new depths. Here though, in the midst of all this darkness, is a good news story, as sure a sign as any that when all this has passed, some brightness will out:
MUZAK FILES VOLUNTARY CHAPTER 11 PETITIONS TO FACILITATE A BALANCE SHEET RESTRUCTURING
FORT MILL, SC — Muzak Holdings LLC and certain of its subsidiaries (together, the “Company”), today announced the filing of voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court”) to facilitate a restructuring of the Company’s debt obligations. Muzak previously reached an agreement with its lenders to access all cash on hand and cash generated from ongoing operations.