On February 10, 2009, Muzak Holdings LLC filed for Chapter 11 bankruptcy protection. Kirkland & Ellis was hired as the company's bankruptcy law firm. Moelis & Company served as the financial adviser. On September 10, 2009, Muzak said it had filed a reorganization plan which would cut the company's debt by more than 50%. The plan would pay all banks everything they were owed in some form, and would give high-ranking unsecured creditors ownership in the reorganized company. Other creditors would receive warrants to buy stock. The company said an "overwhelming majority" of unsecured creditors supported the plan. On January 12, 2010, the U.S. Bankruptcy Court approved the plan to reduce Muzak's debt by more than half, allowing Muzak to officially emerge from bankruptcy. Following bankruptcy, the company announced an initiative to realign their corporate structure into three specialized business units: Muzak Media; Touch, a Muzak Co.; and Muzak Systems. These units will focus on content acquisition, Sensory Branding and new delivery platform technology. In March 2011, Mood Media agreed to purchase Muzak Holdings for $345 million. On February 5, 2013, Mood Media announced it was retiring the name 'Muzak' as part of its integration plans. Founded in 2004, Mood Media had a market capitalization of about $380 million as of 2011. In March 2011, Mood Media agreed to purchase Muzak Holdings for $345 million. Although Muzak first appeared in 1934, it had its largest impact in the 1960s and 1970s. In 2013, Mood Media announced it would be consolidating its services under the name Mood, ceasing to use the Muzak brand name. Muzak provided background music to over 300,000 US locations and made most of its money through multi-year contracts. Now, the company provides on-hold messaging and video programming, although piped music remains its forte. Mood hopes to use Muzak's US footprint to introduce more digital services. In May 2017, Mood Media filed for Chapter 15 bankruptcy protection in an attempt to restructure their debt. The following month the company was acquired by Apollo Global Management and GSO Capital Partners. In August 2017, Mood Media announced a new partnership with music licensing platform Songtradr.