Mood Media, owner of Muzak, has filed for Chapter 11 Bankruptcy protection. Muzak is famous for the instrumental pop sounds heard in elevators, retail locations, public facilities, and other Consumer Discretionary venues. The filing will reduce the company’s debt by $680 million.
Mood Media is no stranger to the bankruptcy process. In 2017, the company filed for Chapter 15 protection, restructuring $650 million in debt.
Muzak has also filed for bankruptcy in the past, after missing a $150 million payment to creditors in 2009. The 2010 restructuring led to Mood Media purchasing the company for $345 million in 2011.
An Instrumental Century
Muzak was founded in 1934 by Major General George O. Squier, the U.S. Army’s Chief Signal Officer during World War I. Prec...