Muzak Exits Chapter 11 With Its Debt Cut in Half

Muzak Holdings emerged from Chapter 11 bankruptcy protection on Monday, February 1, with $190 million in financing. The reorganization plan cuts Muzak's debt load of $460 in half and elicited no objections from creditors. 

"'It's very rare that you have absolutely every single party in the case on board,' said Joshua Sussberg of Kirkland & Ellis LLP on Tuesday.

Muzak, of Fort Mills, S.C., sought bankruptcy protection on March 10. At that time, it didn't have 'a plan in sight,' according to Kirkland & Ellis attorney Edward Sassower."

This article appeared in its entirety in the February 3, 2010 edition of The Wall Street Journal.