Sizmek files for bankruptcy with over 64 million dollars in claims

Sizmek last Friday filed for bankruptcy in the United States Bankruptcy Court Southern District of New York. In total, there are 8 bankruptcy petitions, attributed to Sizmek and subsidiaries (Point Roll, Sizmek DSP, Sizmek Technologies, Wireless Artist, Wireless Developer, X Plus One Solutions, X Plus Two Solutions). The total amount in claims is 64,715,148 US dollars.

In the petition, Sizmek estimates that its assets are between $100M to $500million, similar to their liabilities.

Sizmek’s primary lender took control of the Sizmek’s bank accounts and sought to divert customer receivables, thereby cutting off access to capital. According to Sizmek, as a result of this action, Sizmek’s Board of Directors unanimously determined that Chapter 11 protection was the only mechanism by which Sizmek could seek access to capital and preserve value while it continues to explore value-maximizing alternatives.

Sizmek says is “aggressively seeking to access its existing cash, and intends to fully resume normal-course operations as soon as possible.”

The main creditors are ad exchanges, including Index Exchange, Pubmatic, OpenX, AppNexus, Google, AOL, Rubicon Project, Bidswitch, Media.Net, among others. Here the list of claims:

1. Index Exchange $8,912,926
2. PubMatic $7,339,230
3. OpenX $5,918,022
4. AppNexus $5,279,740
5. Google 4,571,033
6. AOL $4,132,474
7. Rubicon Project $3,563,941
8. Bidswitch $2,938,061
9. Media.net $1,864,590
10. Vector Capital Management $1,800,000
11. Amazon Web Services $1,327,357
12. Integral Ad Science $1,183,829
13. RhythmOne $1,062,836
14. Sovrn $1,006,093
15. LiveRamp $1,004,449
16. GumGum $920,439
17. Facebook $864,116
18. Lohika Systems $803,715
19. EntIT Software $739,348
20. Placemedia $618,949
21. Sonobi $576,853
22. Equinix $574,156
23. Cox Comet $522,194
24. Oracle America $441,705
25. Double Verify $440,498
26. Native Ads $410,163
27. EMX Digital $403,094
28. SpotXchange $398,990
29. Akamai Technologies $388,187
30. Oath $385,356
31. MoPub $367,482
32. Switch $366,000
33. EMC $324,156
34. District M $308,808
35. Telaria $295,929
36. PulsePoint $295,131
37. Internap Networks Services $269,717
38. Beachfront Media $262,623
39. Neustar Information Services $257,659
40. Smart Adserver $250,483
41. Aztek Technologies $244,418
42. Nielsen $229,060
43. Outbrain $193,558
44. Amsalem Business Travel $150,000
45. Evoque Dawn US Holdings $140,232
46. Westminster Council Tax $136,220
47. Eyeota $120,486
48. GALIL SOFTWARE & TECHNOLOGIC $110,842