EMERYVILLE, Calif., March 1, 2021 /PRNewswire/ -- MobiTV, Inc. (MobiTV) today announced that the Company, along with its subsidiaries, has voluntarily filed for relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. MobiTV intends to use these proceedings to implement a restructuring process which will position the Company's operating platforms for long-term sustainability and growth. The Company is committed to working with its lenders and stakeholders towards a speedy and successful resolution of the case.
MobiTV has received a commitment for a $15.5 million debtor-in-possession ("DIP") financing facility that will support the Company for the duration of the restructuring process, providing MobiTV with the financial runway and flexibility to execute on a value-maximizing solution, which may include a going-concern sale under section 363 of the Bankruptcy Code. The new facility, which is subject to Court approval, will enable the Company to continue to operate the business and meet its financial obligations, including the timely payment of employee wages and benefits, continued provision of service to existing platform customers, and payment of other obligations during the chapter 11 cases. After thoroughly evaluating all strategic alternatives, the Board of Directors unanimously agreed that pursuing a restructuring through a formal chapter 11 process is a necessary step forward for the business.
FTI Consulting, Inc. and FTI Capital Advisors LLC have been retained as the Company's financial advisor and investment banker, subject to approval of the Court, to assist in negotiation of strategic options. Pachulski Stang Ziehl & Jones LLP and Fenwick & West LLP are serving as the Company's legal advisors.
Additional information about the proposed sale process, as well as other documents related to the restructuring and reorganization proceedings, is available through MobiTV's case website at https://cases.stretto.com/MobiTV.
About MobiTV, Inc.
MOBITV is a creative thinking technology company making TV better. Our mission is to create a video platform that makes it easy to watch the content you love regardless of how the market changes. We power a fully IP-based approach and, in combination with the almost two decades of expertise in IP video delivery, operators can finally make the switch to a truly future-proof TV solution.
For additional information on MobiTV, please visit www.mobitv.com.
SOURCE MobiTV, Inc.