From The BBC:
Muzak Holdings, the US company known for providing background music in lifts, has filed for Chapter 11 bankruptcy protection.
Muzak made the move after missing a 5m (£74m) payment to creditors.
Documents filed with a US bankruptcy court showed that the company had liabilities in the range of 0m to 0m.
The firm said it was confident it had sufficient means to support the business during the Chapter 11 process.
“Muzak is a solid business with an outstanding customer base, but we are burdened with substantial debt obligations established over a decade ago,” Muzak chief executive Stephen Villa said.
Business would continue as usual, he added.
Muzak Holdings was founded in 1934 in Fort Mill, South Carolina.
It owns the registered trademark “Muzak” which refers to the background music often played in businesses, restaurants, shops and hotels.
Muzak started in the 1920s when Major General George Squier patented the process of transmitting music over electrical lin…