Muzak, the punch-line of a company, that’s famous for piping in mind-numbing easy listening music to corporate settings everywhere has filed for bankruptcy:
AP: The company had heavy debt load, and it filed to try to refinance some of its debt. Its total debt is between $100-million (U.S.) and $500-million and it has assets of less than $50,000, Muzak said in a court filing.
Fort Mill, S.C.-based Muzak filed for court protection in the U.S. Bankruptcy Court in the District of Delaware in Wilmington. The company expects to continue to operate as is. A statement said it has “sufficient means” to support itself through a bankruptcy reorganization.
Surely there’s some money in the stimulus for them, right? After all, there employees probably work hard. And is it their fault if the market has done in a totally different direction.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.