Muzak Holdings LLC, the Fort Mill, S.C. provider of background music to businesses, today announced it has filed for Chapter 11 bankruptcy protection so it can restructure its debt.
The company had $105 million in secured bank debt that was due today, part of $440 million worth of debt due between February and March. Last month, Muzak said it had received a 22-day extension on the $105 million debt. The company said today that it and Muzak's major creditor constituencies are committed to completing restructuring negotiations.
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