MediaMath asks court to dismiss its Chapter 11 bankruptcy case

By Sarah Lizee

Olympia, Wash., March 1 – MediaMath Holdings, Inc. is seeking dismissal of its Chapter 11 case, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

On Sept. 6, the debtors closed the sale of substantially all of their assets to the MediaMath Acquisition Corp., doing business as Infillion, in exchange for $22 million.

Now that the sale has closed, the debtors’ first-lien agent has consented to the use of cash collateral to fund a reserve to pay costs and expenses of an orderly wind-down process, as well as the use of cash collateral to satisfy administrative expenses.

However, the wind-down budget does not provide sufficient liquidity to negotiate or litigate all asserted administrative claims.

To the extent an alleged administrative claimant believes it is entitled to payment but is not paid through the wind-down budget, it will retain its non-bankruptcy rights and remedies.

The estates do not and will not have funds available to make a distribution to holders of general unsecured claims, the company said.

“Although the debtors have explored alternative options to bring these Chapter 11 cases to a conclusion, the debtors believe that dismissal is the most expeditious and cost-effective mechanism to wind down these Chapter 11 cases,” the company said in the motion.

The New York-based company develops digital advertising media and data management technology solutions for advertisers. The company filed bankruptcy on June 30, 2023 under Chapter 11 case number 23-10882.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.