iLearningEngines (AILE) Files Chapter 11

iLearningEngines, Inc. (NASDAQ: AILE) (“iLearningEngines,” “ILE” or the “Company”), a leader in AI-powered learning and work automation, today announced that on December 20, 2024 the Company voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware (the “Court”).

The Company will seek Court approval to continue operating on a business as usual basis during the proceedings and intends to continue to provide support to its installed customer base that relies on its Applied AI platform to run their businesses.

“We appreciate the continued support of our customers, partners and employees, and our hope is that this process will put us in a better position to serve those stakeholders going forward, allowing for a stronger, more robust business over the long-term,” said iLearningEngines Interim CEO Tom Olivier. “Since taking over as Interim CEO on December 5, 2024, I have met with a number of our distribution partners and customers. We will continue to work closely with them as we work through this process.”

Additional Information

In coming days, the Company will file certain customary motions seeking Court approval to support its operations during the process, including the continued payment of employee wages and benefits as well as compensating vendors and suppliers under normal terms for goods and services provided on or after the filing dates.

Filings in the Chapter 11 Case and information about the Chapter 11 Case, including as-entered orders of the Bankruptcy Court, may be viewed for a fee at the website maintained by the Bankruptcy Court at http://www.deb.uscourts.gov/, by following the directions for accessing the ECF system on such website.

Faegre Drinker Biddle & Reath LLP is serving as legal advisor to iLearningEngines, and ICR is serving as the Company’s strategic communications advisor.

For more information about iLearningEngines, please visit: www.ilearningengines.com.

You May Also Be Interested In

• First Advantage to join S&P SmallCap 600, replacing Kennedy-Wilson
• Belden prices $1.85 billion term loan to fund RUCKUS acquisition
• Weatherford redomestication proposals fail to reach required threshold