( CNN ) -- Muzak , the company that put pop , string-filled arrangements of rock songs in your elevator , filed bankruptcy papers Tuesday after it missed a $ 105 million payment to creditors . The Muzak company is best known for background music piped into places such as elevators . The pipeline of easy listening will continue to flow as Muzak restructures its debt during the Chapter 11 process , the company said . `` Muzak is a solid business with an outstanding customer base , but we are burdened with substantial debt obligations established over a decade ago , '' Muzak CEO Stephen Villa said . Muzak 's cash flows doubled in the last three years , Villa said , `` demonstrating that our business continues to perform well even in today 's challenging environment . '' Along with its ubiquitous elevator offerings , Muzak and its 14 affiliates -- all privately owned -- produce on-hold messages and install sound systems , digital signs and drive-thru systems for retail businesses . Bankruptcy documents showed Muzak owes its largest creditor -- U.S. Bank , as indentured trustee -- about $ 370 million , nearly all of it due this year . Muzak spokeswoman Meaghan Repko said the filing was voluntary and in cooperation with the creditors . The weakened global economy was not a factor , she said , noting the company 's profits have been rising in recent years . The Chapter 11 protections will allow Muzak time to restructure the debt , which was incurred a decade ago , she said .
Muzak creates musical material often called `` elevator music '' Company missed $ 105 million payment to creditors . The company said it would pay the $95 million in installments over a period of several months.