MediaMath files Chapter 11 bankruptcy with over $100 million in debt

By Sarah Lizee

Olympia, Wash., July 3 – MediaMath Holdings, Inc. and six affiliates filed Chapter 11 bankruptcy on Friday in the U.S. Bankruptcy Court for the District of Delaware.

In its petition, the company listed 200 to 999 creditors, $100 million to $500 million in assets and $100 million to $500 million in liabilities.

Its largest unsecured creditors are Magnite Inc., based in Los Angeles, with a $12.59 million media cost claim, Pubmatic Inc., based in Redwood City, Calif., with a $10.48 million media cost claim, Sonobi Inc., based in Winter Park, Fla., with a $5.31 million media cost claim, Xandr Inc., based in New York, with a $4 million media cost claim, and Adswizz, based in San Mateo, Calif., with a $3.41 million media cost claim.

The company’s prepetition debt includes a $175 million senior secured credit facility entered into in 2017 with Goldman Sachs.

Young Conaway Stargatt & Taylor, LLP is general bankruptcy counsel. FTI Consulting, Inc. is financial adviser.

The New York-based company develops digital advertising media and data management technology solutions for advertisers. The Chapter 11 case number is 23-10882.

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