Sizmek Files Voluntary Chapter 11 Petitions
Mar 29, 2019, 23:50 ET
NEW YORK, March 29, 2019 /PRNewswire/ -- Sizmek Inc. ("Sizmek" or the "Company"), an independent buy-side advertising platform, today announced that it and certain of its subsidiaries initiated voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code to preserve value and seek access to capital while the Company continues to review strategic alternatives.
In the months preceding the filing, Sizmek has been in extended discussions with its stakeholders regarding their continued support of the Company as it pursued various strategic alternatives to address its over-leveraged balance sheet. Despite these ongoing discussions, the Company's primary lender took control of the Company's bank accounts and sought to divert customer receivables, thereby cutting off access to capital.
As a result of this action, Sizmek's Board of Directors unanimously determined that Chapter 11 protection is the only responsible mechanism by which the Company can seek access to capital and preserve value while it continues to explore value-maximizing alternatives. The Company is aggressively seeking to access its existing cash, and intends to fully resume normal-course operations as soon as possible.
Sizmek's Chapter 11 case is pending in the U.S. Bankruptcy Court for the Southern District of New York. Subsidiaries included in the filing are Sizmek Inc.; Sizmek DSP, Inc.; Sizmek Technologies, Inc.; Wireless Artist LLC; WirelessDeveloper, Inc.; X Plus One Solutions, Inc.; X Plus Two Solutions, LLC; and Point Roll, Inc.
Additional information can be found at: https://cases.stretto.com/sizmek.
Sizmek is the world's largest independent buy-side advertising platform that creates impressions that inspire. In the digital world, creating impressions that inspire is vital to fostering relationships of trust with agencies and brand as well as building meaningful, long-lasting relationships with customers. Sizmek provides powerful, integrated solutions that enable data, creative, and media to work together for optimal campaign performance across the entire customer journey. Our AI-driven decisioning engine can identify robust insights within data across the five key dimensions of predictive marketing—campaigns, consumers, context, creative, and cost. We bring all the elements of our clients' media plans together in one place to gain better understanding for more meaningful relationships, make every moment of interaction matter, and drive more value across the entire plan. Sizmek operates its platform in more than 70 countries, with local offices in many countries providing award-winning service throughout the Americas, EMEA, and APAC, and connecting more than 20,000 advertisers and 3,600 agencies to audiences around the world.
SOURCE Sizmek Inc.
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