Muzak Facing Bankruptcy
September 10, 2009 at 12:41 PM (PT)
MUZAK HOLDINGS and some of its subsidiaries have filed a Plan of Reorganization and Disclosure Statement with the UNITED STATES Bankruptcy Court for the District of DELAWARE.
The Plan is supported by MUZAK's largest secured and unsecured creditor, SILVER POINT CAPITAL ADVISORS L.P., the official committee of unsecured creditors and an ad hoc committee of the Company's senior unsecured noteholders. As a result, the Plan is supported by an overwhelming majority of the Company's unsecured creditors.
A hearing to consider approval of the Disclosure Statement is presently scheduled for OCTOBER 27th.