Sizmek secures final approval to use secured parties’ cash collateral

By Caroline Salls

Pittsburgh, Jan. 10 – Sizmek Inc. obtained final court approval to use the cash collateral of its pre-bankruptcy secured parties to fund its Chapter 11 case, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

“The debtors require the use of cash collateral to continue the wind-down of their businesses and pay certain obligations, including obligations related to those parties responsible for collecting, administering and liquidating the debtors’ remaining assets,” the order said.

“The use of cash collateral will also permit the debtors to pursue confirmation of a Chapter 11 plan of liquidation that will provide for the creation of a liquidating trust charged with monetizing the debtors’ remaining assets for the benefit of the debtors’ creditors.”

The cash collateral use will expire on April 15, scheduled to earlier termination under specified conditions.

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.

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