Muzak Files for Bankruptcy Protection

What does it say about the current state of our economy when those that make us suffer are suffering themselves?

The New York Times and Associated Press reported that on Tuesday Muzak Holdings filed for Chapter 11 bankruptcy protection. The Fort Mill, South Carolina-based company was unable to make payments on a $105 million loan extension.

According to court filings, the company listed assets of less than $50,000, with total debt between $100 million and $500 million. According to spokeswoman Meaghan Repko, the total assets of the company are actually about $320 million when including the Muzak operating company, which also filed for bankruptcy.

The company remains undaunted in their quest to provide relaxed, voiceless, snore-inducing music to office buildings and hospitals everywhere. In a statement released by the company, Muzak claims that "The pipeline of easy listening will continue to flow as Muzak restructures its debt."

According to CEO Stephen Villa, "Muzak is a solid business with an outstanding customer base, but we are burdened with substantial debt obligations established over a decade ago."

Despite not being able to meet current payments to creditors, the company's cash flows doubled in the last three years. Muzak expects to continue operations and filed for bankruptcy protection to gain more time to restructure the debt.

According to Rolling Stone and CNN, Muzak is also in the business of producing on-hold messages and playlists, along with installing sound systems, digital signs, and drive-thru systems for retail businesses.