(CN) – We have some bad news and some good news. Another company has filed for bankruptcy. It’s Muzak.
Muzak missed a $105 million payment to creditors, and filed for Chapter 11 protection, according to the financial press. It owes its largest creditor, U.S. Bank, $370 million. It reported assets of $324 million and debts of $465 million.
Full disclosure: Your CNS reporter hates Muzak. In the sixth measure of the second movement of Beethoven’s Opus 13 Piano Sonata, the “Pathétique,” Muzak changed the melodic descent of a tritone to an insipid minor third. As if Muzak knows better than Beethoven.
Muzak employs 1,750 people, including 550 at its headquarters in Fort Mill, S.C. It has a catalog of 2.6 million alleged songs, and claims to be heard by 100 million people a day. There are no estimates readily available on what percentage of those people despise it.
Muzak said that while it reorganizes, its alleged music will keep flowing in elevators, during root canals and while we are put on hold.
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