Background music service Muzak is 22 days into negotiations with various creditors to restructure its debt, and is expecting progress to continue toward a positive result which will keep the business afloat. CEO Stephen P. Villa said, “Our lenders have shown a tremendous amount of support and have committed to funding this restructuring process. We intend to move through this process as quickly as possible, and we firmly believe that this course of action will better position Muzak for long-term success."
RBR/TVBR observation: Anybody hoping to compete in the lucrative captive audience in elevators market may have to bide their time, even if they have a signal good enough to effectively penetrate an elevator shaft. The company says its business is strong in every respect except debt service, and expects continued strong operational success and a happy ending long term.
