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 Post subject: Muzak filing for Chapter 11
PostPosted: Thu Feb 12, 2009 10:32 pm 
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Victor I
"Shut Your Eyes and See" (J. Joyce)
Joined: Wed Jan 07, 2009 5:37 pm
Posts: 120
Location: 80 years behind the times
Courtesy of yesterday's New York Times:

http://www.nytimes.com/2009/02/11/busin ... .html?_r=1

I don't know whether to put a happy or a sad face for this one. Certainly the end of an era...
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 Post subject: Re: Muzak filing for Chapter 11
PostPosted: Thu Feb 12, 2009 10:42 pm 
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Victor II
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Joined: Wed Jan 07, 2009 5:56 pm
Posts: 234
Sirius/XM, the satellite radio service is days away from filing for bankruptcy too.

Dave


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 Post subject: Re: Muzak filing for Chapter 11
PostPosted: Thu Feb 12, 2009 10:49 pm 
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Victor IV
Contact me for TMF tech support.
Joined: Wed Jan 07, 2009 2:01 pm
Posts: 1077
Location: Boston, MA
Ironically, I had considered posting this (from a different source that doesn’t require you to register to read it), but hadn’t yet—I wasn’t sure if anyone would be interested.

Here’s that article, in case you don’t have a New York Times account...or don’t want to bother with bugmenot.com to look up login details for the NY Times...

— MordEth




Elevator music files for Chapter 11

But keeps on playing

By Cade Metz in San FranciscoGet more from this author
Posted in Financial News, 12th February 2009 00:38 GMT

Muzak isn’t just musically bankrupt. It’s financially bankrupt.

Yesterday, the South Carolina brain-softening outfit filed for Chapter 11 bankruptcy, after failing to make a $105m payment to its creditors. But CEO Stephen P. Villa says the elevator music will play on — and on and on.

“We believe Chapter 11 will provide us with the opportunity to right size our capital structure and gain financial flexibility, while continuing to operate our business and serve our clients without interruption,” reads a canned statement from the CEO.

"We intend to move through this process as quickly as possible, and we firmly believe that this course of action will better position Muzak for long-term success."

Villa says that Muzak’s cash flow has doubled over the last three years, insisting that businesses will still pay good money for watered-down pop music — even in “today’s challenging environment.”

A company court filing says the company's total debt is between $100m and $500m. A single creditor, US Bank, is owed $371m.

Muzak says that its “sensory experiences” reach 100 million people each day. And not all of it is piped through elevators. You can hear its strings-heavy pop playlists while standing in other parts of a retail establishment — and while your telephone is on hold. Together with a network of private partners, the company also designs and installs sound systems, drive-thru systems, and digital signs. ®

(Quoted from The Register.)
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 Post subject: Re: Muzak filing for Chapter 11
PostPosted: Fri Feb 13, 2009 12:53 am 
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Victor O
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Joined: Wed Jan 07, 2009 4:43 pm
Posts: 98
Location: Berryville, VA
Discman wrote:
Sirius/XM, the satellite radio service is days away from filing for bankruptcy too.

Dave

This is the one that concerns me because I paid for 12 mos. in advance last Nov. Can't say that I care at all about Sirius programming. I liked it better when it was just XM.


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