Muzak, the notorious elevator-music maker, failed to make a $105 million payment to its creditors and so filed for bankruptcy Tuesday.
Muzak owes U.S. Bank, it’s largest creditors, another $370 million this year.
Unfortunatly, Muzack CEO Stephen Villa says that beyond “substantial debt obligations established over a decade ago” business is otherwise healthy. He told CNN Muzak cash flows doubled in the last three years.
Photo: José Goulão