On Monday Muzak Holdings LLC announced that it has completed its financial restructuring and has emerged from bankruptcy protection.The company, which provides background music programming is heard in stores, office buildings and on-hold phone systems, filed for Chapter 11 bankruptcy protection in Delaware a year ago to refinance heavy debt. The Fort Mill, S.C., company said it has significantly improved its balance sheet, reducing its outstanding debt by more than half and realigning its organizational structure to improve its clients’ experience. In a prepared statement Stephen Villa, CEO of Muzak, was hopeful for the post-reorganization future of the company, saying:
As we move into the future, our strengthened capital structure provides us with the renewed ability to invest in new talent and technology that will allow us to provide new offerings and further enhance the first class products and services that our clients have come to expect from Muzak
Insert Muzak joke here …
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