Muzak Parent Mood Media Files for Chapter 11 Bankruptcy
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https://www.digitalmusicnews.com/2020/07/10/muzak-parent-mood-media-bankruptcy/
Mood Media (formerly Fluid Music Canada) noted its intention to move forward with the Chapter 11 filing in a recently published release [pdf]. Along with the bankruptcy plans, the announcement shed light upon a restructuring support agreement (RSA) with lenders, designed to reduce Mood Media's debt by over $400 million, and $240 million in new financing to maintain liquidity amid the COVID-19 crisis.
Moreover, Mood Media relayed that it (like most other companies that seek Chapter 11 protection) plans to continue operating throughout the bankruptcy process, as it did while restructuring some $650 million in debt through a Chapter 15 filing in 2007. To be sure, Muzak itself filed for Chapter 11 bankruptcy protection in 2009, emerged from the corresponding proceedings in 2010, and was purchased by Mood Media for a reported $345 million in 2011.
In addition to Muzak, Mood Music has acquired several background music providers, including Trusonic, Technomedia, and its sister company, GoConvergence, during the last decade or so. The company also possesses Somerset Entertainment, a kiosk-based music distributor, Austin branding agency DMX, European audio-visual installation provider BIS Group, and former Muzak independent affiliate South Central A\V.
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