ST. PETERSBURG, Fla., Dec. 13, 2018 /PRNewswire/ -- Catalina, the market leader in shopper intelligence and personalized digital media that converts shoppers into buyers, today announced that the U.S. Bankruptcy Court for the District of Delaware granted the company interim approval for all of its first day motions related to its pre-packaged Chapter 11 restructuring. Collectively, the orders granted by the Court at a hearing on December 13 will help ensure that Catalina continues normal business operations throughout the financial restructuring process.
Jerry Sokol, Catalina's President and Chief Executive Officer, said, "The Court's approvals of the First Day Motions are a positive step forward in our company's financial restructuring because they allow us to operate as usual and remain focused on providing the best possible service and solutions to our customers. We are using this process to strengthen our financial position for the long term as we accelerate our investments in advanced analytics, data science and technology to enhance our customized solutions."
Mr. Sokol continued, "I want to recognize the great work of our restructuring team and thank our employees for their continued hard work and dedication to serving our customers as we move through this process."
The Court today granted the company interim authorization to access up to $125 million in new debtor-in-possession ("DIP") financing, which will support operations during the court-supervised process. The company also received authorization to continue payment of employee wages and benefits without interruption and will continue to pay vendors and suppliers in full under normal terms for goods and services provided prior to and after the filing date.
As previously announced, Catalina filed voluntary petitions on December 12, 2018, for a Chapter 11 restructuring. Catalina's operations outside of the U.S. are not part of the Chapter 11 filing.
Additional information is available at Catalina's restructuring website at www.catalinarestructuring.com. Court filings and information about the claims process are available at http://cases.primeclerk.com/Catalina, by calling the company's claims agent, Prime Clerk, toll-free at 844-205-4337 or local at 917-460-0912 or emailing firstname.lastname@example.org.
Weil, Gotshal & Manges LLP is serving as legal counsel, Centerview Partners LLC is serving as financial advisor and FTI Consulting is serving as restructuring advisor to Catalina.
Catalina's personalized digital media drives lift and loyalty for the world's leading CPG retailers and brands. Catalina personalizes the consumer's path to purchase through mobile, online and in-store networks powered by the richest shopper database in the world. Catalina is based in St. Petersburg, FL, with operations in the United States, Europe and Japan. To learn more, please visit www.catalina.com or follow us on Twitter @Catalina.
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