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
Mar 31, 2019 . Written by Luís Daniel Rijo. Follow PPC Land on LinkedIn .
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