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| 02 March 2021
Aiming to shore up its finances as it restructures, app-based TV video delivery solutions provider MobiTV and its subsidiaries have voluntarily filed for fiscal relief under chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.
After it said was a thorough process of evaluating all strategic alternatives, MobiTV’s board of directors unanimously decided that pursuing a restructuring through a formal chapter 11 process was a necessary step forward for the business. As part of the process, MobiTV has received a commitment for a $15.5 million debtor-in-possession (DIP) financing facility, subject to Court approval, that the company says will enable it to see out the duration of its restructuring process, providing a financial runway and flexibility to execute on what the company called a “value-maximising” solution, which may include a going-concern sale under section 363 of the Bankruptcy Code.
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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 subje
MobiTV Files Voluntary Chapter 11 To Effectuate Value-Maximizing Transaction prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
February 24, 2021 · ·
Maryville, TN (
Ruby Tuesday today announces its successful emergence from bankruptcy. A Delaware bankruptcy judge confirmed the casual dining restaurant chain’s Chapter 11 plan of reorganization on February 17. The company had sought bankruptcy protection on October 7, 2020. The bankruptcy allowed Ruby Tuesday to shed liabilities, including leases from closed locations that were significantly impacted by COVID-19, and to strengthen its core business of 209 corporate-owned and operated locations. The successful emergence from Chapter 11 will allow Ruby Tuesday to reinforce the brand’s commitment to its existing guests, while continuing to develop virtual “delivery-only” brands to capitalize on its core strengths and increased off-premise business as part of the company’s long-term growth plan.