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NEW YORK, March 29, 2019 / PRNewswire / – Sizmek Inc. ("Sizmek" or "Company"), an independent advertising platform on the buyers' side, announced today that some of its affiliates and itself have initiated a voluntary under Chapter 11 of the US Bankruptcy Code to preserve their value. and seek access to capital while the Company continues to review strategic alternatives.
In the months leading up to the filing of the complaint, Sizmek had extensive discussions with its stakeholders regarding their ongoing support to the company in pursuing various strategic solutions to address its overly indebted track record. Despite these ongoing discussions, the company's main lender took control of its bank accounts and sought to divert trade receivables, thus cutting off access to capital.
As a result of this action, the Sizmek Board of Directors unanimously decided that Chapter 11 protection was the only mechanism for the Company to seek access to capital and preserve value. while continuing to look for alternatives that maximize value. The Company is aggressively seeking access to its existing liquidity and intends to fully resume normal operations as soon as possible.
The Sizmek Chapter 11 case is pending in the US Bankruptcy Court of the South District of New York. The subsidiaries included in the deposit are Sizmek Inc.; Sizmek DSP, Inc .; Sizmek Technologies, Inc .; Wireless Artist LLC; WirelessDeveloper, Inc .; X Plus One Solutions, Inc .; X Plus Two Solutions, LLC; and Point Roll, Inc.
Additional information can be found at: https://cases.stretto.com/sizmek.
About Sizmek:
Sizmek is the world's largest independent advertising platform for buyers that creates inspiring impressions. In the digital world, inspiring impressions are key to building relationships of trust with agencies and the brand, as well as building meaningful and lasting relationships with customers. Sizmek provides powerful integrated solutions that enable data, creatives, and media to work together for optimal campaign performance throughout the customer journey. Our AI-based decision engine can identify reliable information within data on the five key dimensions of predictive marketing: campaigns, consumers, context, creativity and costs. We collect all the elements of our clients' media plans in one place to better understand more meaningful relationships, make every moment of interaction important and generate more value for the entire plan. Sizmek operates its platform in more than 70 countries, with local offices in many countries offering award-winning service across the Americas, EMEA region and APAC, and connecting more than 20,000 advertisers and 3,600 agencies to audiences around the world.
SOURCE Sizmek Inc.
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