Muzak Gets Extension on Its Debt - Radio World

Muzak Gets Extension on Its Debt

Continues talks with lenders to restructure its obligations
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Muzak said it won a three-week extension of a $105 million credit agreement until Feb. 10.

The company is seeking a restructuring of its debt. "Muzak remains enthused by the cooperation of its secured lenders," it said in a statement, and "is committed to furthering discussions with all of its major creditor constituencies to restructure the company's indebtedness. The company is confident that it has sufficient cash on hand, in addition to cash generated from ongoing operations, to support the business."

CEO Stephen P. Villa said the extension allows Muzak to continue working on its debt problems.

"We are committed to providing high-quality music and messaging products, innovative technologies and superior client service."

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