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.