Delivery Agent, Inc. Announces Fast Track Sale Commences Voluntary Chapter 11 to Implement 363 Sale
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Operations and Services for Customers to Continue Without Interruption
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SAN FRANCISCO, Sept. 15, 2016 (GLOBE NEWSWIRE) -- Delivery Agent, Inc., a market leader in turning audiences into customers for the world’s leading global brands via its proprietary platform, announced today that the company, including its related subsidiary companies (the “Company”), filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware (the "Court") in order to initiate a sale of the Company.
The Company has obtained a commitment for debtor in possession financing which, subject to Court approval, will provide the Company with the necessary liquidity to maintain normal business operations during the Chapter 11 process. This financing will help to ensure that the Company continues to satisfy its ongoing business obligations, including the timely payment for employee wages, post-petition services, and other obligations.
Through this sale process, the Company will be soliciting competitive bids with the goal of maximizing value for all stakeholders. Delivery Agent is seeking to facilitate a full and robust sale process on a fast-track basis for purposes of ensuring a smooth transition to the successful purchaser and expects the sale to be completed before the end of the year.
“This is a very positive development for our company and our customers,” said Founder and Chief Executive Officer Mike Fitzsimmons. “Through these proceedings we’re initiating a process that preserves company value, allows the company to reorganize its business affairs, and establishes a necessary foundation for future growth and profitability.”
The Company emphasized that throughout this process its daily operations would continue without interruption. “We will continue to deliver outstanding services to our partners today, throughout the Q4 holiday season, and beyond,” Mr. Fitzsimmons said.
Matthew English, CTP and Howard Bailey, CTP of Arch + Beam are serving as the Company’s financial advisors, Keller & Benvenutti LLP and Pachulski, Stang, Ziehl & Jones LLP are serving as legal advisors, and Houlihan Lokey is the Company’s investment banker.
Additional information, including court filings and other documents related to the reorganization, can be found by visiting http://dm.epiq11.com/deliveryagent.
About Delivery AgentDelivery Agent is a market leader in turning audiences into customers for the world’s largest brands and media companies. Currently in market with leading broadcasters, advertisers, MVPDs, and smart TV manufacturers, Delivery Agent brings scalability, organization, and economic incentive to a disparate ecosystem that has traditionally lacked uniform technical standards and has been challenged by complex rights and revenue sharing issues. The company’s proprietary ShopTV television commerce technology allows audiences to engage with and transact from advertisements and television programming through web, mobile, and advanced television applications. More information about Delivery Agent is available at www.deliveryagent.com.
For more information: Jennifer E. Mercer Epiq Strategic Communications for Delivery Agent 310-712-6215 email@example.comSource: Delivery Agent
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