Kirkland & Ellis has pushed through another Chapter 11 case in less than one day, this time for Muzak maker Mood Media.
U.S. Bankruptcy Judge Marvin Isgur in Houston signed off on the plan, which puts lenders in control of the company, during a brief hearing on Friday afternoon. The company entered bankruptcy on Thursday afternoon with a “prepackaged” plan, meaning it already firmed up the necessary creditor support, to cut about $400 million from its $600 million debt load and give 100% of the reorganize equity to senior lenders.
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