Sizmek secures exclusivity extension to work toward consensual plan

By Caroline Salls

Pittsburgh, Aug. 23 – Sizmek Inc. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, Sizmek’s exclusive plan-filing period was extended by 56 days through Oct. 25 and the solicitation period by 56 days through Dec. 23.

Since the beginning of its Chapter 11 cases, the company said the Sizmek debtors have focused on, and made significant strides to, maximize the value of their assets for the benefit of their estates.

However, the company said “critical work remains to be done, including the evaluation of administrative claims and negotiations with the key stakeholders on the terms of a consensual Chapter 11 plan.”

Sizmek said the extension will allow it to review and evaluate administrative claims and continue working toward the goal of confirming a consensual, value-maximizing Chapter 11 plan.

Sizmek is a New York-based independent buyside advertising platform. The company filed bankruptcy on March 29 under Chapter 11 case number 19-10971.

© 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.