Muzak says it has enough money to continue
05/05/2009
Muzak says it has enough cash “to support the business,” The Charlotte Observer reported.
As it progresses through a bankruptcy filing, Muzak Holdings LLC of Fort Mill, SC, said Monday it has more than $35 million cash on hand.
That compares to about $22 million cash the company had on hand when it filed for bankruptcy protection in February, Chief Financial Officer Dodd Haynes said in an interview with The Observer.
Muzak cited assets of $324 million and liabilities of $465 million when it filed for Chapter 11 bankruptcy protection.
Muzak intends to file a reorganization plan with the bankruptcy court by mid-June, Haynes said. The company said it is continuing to maintain normal operations, reduce costs and improve service.
Muzak, which relocated to Fort Mill from Seattle in 2000, had 1,250 employees, including 350 in Fort Mill, when it filed for bankruptcy protection earlier this year.
The company designs and installs professional sound systems for businesses, and provides other services, such as promotional music for corporate branding.
