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