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 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

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