SC-based Muzak says it has enough money to operate - | WBTV Charlotte

SC-based Muzak says it has enough money to operate

CHARLOTTE, N.C. (AP) - There's enough money to keep the Muzak flowing.

The Charlotte Observer reported that Muzak Holdings LLC of Fort Mill, S.C., said Monday it has more than $35 million cash, which it says is "sufficient to support the business."

Chief Financial Officer Dodd Haynes said the company had about $22 million when it filed for bankruptcy protection in February.

Haynes says the background music provider has not had to pay certain expenses while under bankruptcy protection.

Muzak cited assets of $324 million and liabilities of $465 million when it filed for Chapter 11 bankruptcy protection.

Haynes says the company intends to file a reorganization plan with bankruptcy court by mid-June. The company says it's continuing to maintain normal operations, reduce costs and improve service.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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