Aargh! Is nothing safe? Muzak files Chapter 11.

[SportsFan68]

By THE ASSOCIATED PRESS
Published: February 10, 2009
Muzak Holdings, the maker of background music heard in elevators, filed for Chapter 11 bankruptcy protection on Tuesday.

The company had a heavy debt load, and it filed to try to refinance some of its debt. In a court filing, the company listed its total debt at $100 million to $500 million.

The filing listed assets of less than $50,000, but a company spokeswoman, Meaghan Repko, said total assets were about $320 million. That included the Muzak operating company, she said, which also filed for bankruptcy. She declined to provide a more exact figure for the company’s total debt.

Many of Muzak’s biggest creditors are music companies that license songs for use on Muzak playlists. While the company is known as the creator of elevator music, its business is now more focused on creating playlists for use in retail stores, installing professional sound systems and providing other services.

Muzak, which is based in Fort Mill, S.C., filed for protection in the United States Bankruptcy Court in the District of Delaware in Wilmington.

The company expects to continue to operate. A statement said it had “sufficient means” to support itself through a bankruptcy reorganization.

Among its biggest unsecured creditors is U.S. Bank, which is owed $371 million according to a court filing.

The American Society of Composers, Authors and Publishers is owed $213,020, the filing said.

Other top unsecured creditors include vendors like Universal Music Enterprises, owed $349,321; EMI Capital Records, $320,323; AT&T, $257,384; and Dish Network, $251,276.

Sony Music, BMG Film and Television Music, United Parcel Service and Virgin Records were also listed among the unsecured creditors.

Kirkland & Ellis was hired as the company’s bankruptcy law firm. Moelis & Company will serve as the financial adviser.

[DaveSenior72]

The American Society of Composers, Authors and Publishers is owed $213,020, the filing said.

ONLY $213k to ASCAP??? For MUZAK???

My KJ and karaoke-bar owner friends are being ROBBED!!

[TheConfessor]

My KJ and karaoke-bar owner friends are being ROBBED!!

There's a Ken Jennings theme bar? Where? I need to check that out!

[littlebeast13]

Is THIS the bunch I have to blame for Mecca radio.....?

lb13

[ulysses5019]

Is THIS the bunch I have to blame for Mecca radio.....?

lb13

Gotta be better than the Ken Jennings theme music.

[MarleysGh0st]

In a court filing, the company listed its total debt at $100 million to $500 million.

If that's any indication of the state of their bookkeeping, it's no wonder they're in trouble!

But, really, this is just the advance of technology. First, the cell phone killed the pay phone industry. Now, the iPod has killed elevator music.

And some would say none too soon!

[ulysses5019]

In a court filing, the company listed its total debt at $100 million to $500 million.

If that's any indication of the state of their bookkeeping, it's no wonder they're in trouble!

But, really, this is just the advance of technology. First, the cell phone killed the pay phone industry. Now, the iPod has killed elevator music.

And some would say none too soon!

"Video killed the radio star."

[Jeemie]

"Video killed the radio star."

http://www.youtube.com/watch?v=XWtHEmVjVw8

[DaveSenior72]

My KJ and karaoke-bar owner friends are being ROBBED!!

There's a Ken Jennings theme bar? Where? I need to check that out!

OK OK OK...bunch o' damn smartasses around here

KJ=a karaoke host...a DJ, but change the D to a K

[TheConfessor]

My KJ and karaoke-bar owner friends are being ROBBED!!

There's a Ken Jennings theme bar? Where? I need to check that out!

OK OK OK...bunch o' damn smartasses around here

KJ=a karaoke host...a DJ, but change the D to a K

Oh. Not Ken Jennings? A karaoke jockey? That's very different. Nevermind!

[Jeemie]

Ken Jennings chillin' at Karaoke Night.

[MarleysGh0st]

Ken Jennings chillin' at Karaoke Night.

Hey! That's the set of 5th Grader!

I can't believe you still watch that show, Jeemie!

[Jeemie]

I don't...it was the only photo I could find that might even remotely look like Ken Jennings at a karaoke bar!

And my PhotoShop skills suck.

You're just too damn literal, Marley!

[MarleysGh0st]

You're just too damn literal, Marley!

That's me--literal and boring.

[ulysses5019]

My KJ and karaoke-bar owner friends are being ROBBED!!

There's a Ken Jennings theme bar? Where? I need to check that out!

OK OK OK...bunch o' damn smartasses around here

KJ=a karaoke host...a DJ, but change the D to a K

How do they ride those things?

[Buffacuse]

You know...maybe this one CAN go...