Muzak Holdings has hired financial adviser Moelis & Co. and law firm Kirkland & Ellis to initiate talks on refinancing its debt or extending its debt-maturity dates.
Muzak has a $105 million credit agreement that comes due Jan. 19. The company says its other outstanding debt of $360 million could become due if it is unable to refinance the credit agreement or obtain an extension.
As of Dec. 17, Muzak had cash on hand of about $25 million, the company says in a press release.
