Sizmek seeks exclusivity extension to finalize plan terms agreement

By Caroline Salls

Pittsburgh, Oct. 25 – Sizmek Inc. is requesting a third extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, Sizmek is asking the court to extend its exclusive plan-filing period by 21 days through Nov. 15 and the solicitation period 21 days through Jan. 13.

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 negotiations with the key stakeholders on the terms of a consensual Chapter 11 plan.”

Sizmek said it has reached an agreement in principle with its official committee of unsecured creditors and Cerberus on the terms of a plan, disclosure statement and post-confirmation trust agreement.

“During the coming weeks, the parties will work on refinements on those documents and solidify their agreement on the plan and plan process,” the motion said.

A hearing is scheduled for Nov. 7.

Sizmek is a New York-based independent buyside advertising platform. The company filed bankruptcy on March 29, 2019 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.