Posted on 02/12/2009 10:21:08 AM PST by a fool in paradise
Music and entertainment company Muzak Holdings LLC, which is known for providing background music in stores and hotels, said on Tuesday that it has filed for Chapter 11 bankruptcy protection to restructure its debt.
In documents filed with a U.S. bankruptcy court, the Fort Mill, South Carolina-based company listed assets in the range of $0 to $50,000 and liabilities in the range of $100 million to $500 million.
"We believe chapter 11 will provide us with the opportunity to right size our capital structure and gain financial flexibility...," Chief Executive Stephen Villa said in a statement...
(Excerpt) Read more at reuters.com ...
It was bound to happen someday. There just isn’t the same songbook of hits to turn into instrumentals...
How do you make an instrumental out of a hiphop song that itself is a recycled riff from an older song?
In tough times companines cut down on their overhead including the well-edited Muzak.
I would think much of their large sales force will be hitting the unemployment lines.
As much as $500M in debt, and only $50K in assets?
So when does the criminal investigation begin?
I heard a Muzak cover of “Marrakesh Express” once at an Ohio Turnpike restaurant. True story.
Dang it. I was holding out for the Boston Pops version of Voodoo Chile. I blame the kids with their danged IPods and their hepcat music and their mary jane...
Oh just ducky...now all we’ll get to hear in elevators are those “old lady walk farts”...
According to Come as You Are Kurtd Cobain worked at Muzak in Seattle. It was a favored job amongst the scene as back then Muzak was tapes mailed to your location and musicians could use the giant tape duplication machines and stolen office supplies to release singles of their songs.
In a way the entire Alternative Rock movement broken free by popularity of Nirvana owes a lot to Muzak. And more than just boring them into creativity via homogonized distribution of background music.
— lates
— jrawk
This is good news.
“We believe chapter 11 will provide us with the opportunity to right size our capital structure and gain financial flexibility...,” Chief Executive Stephen Villa said in a statement...”
MBA speak for WE ARE SO BONED.
Finally some good economic news.
Jim Morrison told us this day would be coming... “When the Muzak’s over, turn out the lights! turn out the lights! turn out the liiiiiiiiiiarrrrrrrrrrrrrghhhhhhhhhhts!”
“Damn....”
Bush’s fault.
I saw their van just the other day, and was surprised that they were still in business. Weren’t they pioneers in sending audio over the phone lines?
Another reason for the demise maybe the growing rejection of instrumental pop in favor of songs and declamations with dumb and vulgar lyrics. I see that (or hear) at my gym where they pipe annoying neo-disco (as I call it) at full volume into the speakers. Instrumental music requires a bit of imagination.
Why do I picture their attorneys in an elevator heading up to file the bankruptcy papers listening to...?
Not sure if this is worthy...
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