Latest news with #chapter11
Business Wire
2 days ago
- Business
- Business Wire
Marin Software Incorporated Takes Strategic Action to Strengthen Financial Position for Long-Term Growth and Profitability
SAN FRANCISCO--(BUSINESS WIRE)--Marin Software Incorporated ('Marin,' or the 'Company'), announced today that it will implement a proposed financial reorganization transaction (the 'Transaction') that is expected to bolster its financial position, better serve its customers around the world and effectively position the Company for long-term success in the AI age. Marin remains fully operational during the reorganization process and expects there will be no impact to its installed customer base or the innovative platforms the customers rely on to support and optimize their advertising spend. The Transaction is between Marin and Kaxxa Holdings, Inc. ('Kaxxa'), a strategic investor. Upon consummation of the restructuring, Kaxxa will provide $5.5 million in funding to the Company to allow it to pay off all known creditors in full and provide a distribution to stockholders. To effectuate the Transaction, Marin has voluntarily initiated a 'pre-negotiated' chapter 11 case in the United States Bankruptcy Court for the District of Delaware (the 'Court'). The Company expects to move through this process swiftly, with the goal of emerging from the court-supervised reorganization process in approximately 60 days. 'For over 15 years, Marin has empowered its customers to optimize and automate their pay-per-click (PPC) programs across ad platforms, enabling them to maximize the return on their performance marketing investment with AI-driven budget allocation and insights through its selection of products, including Marin Connect, Marin Ascend, and Marin One,' said Chris Lien, CEO of Marin. 'As the conversation increasingly shifts to AI we are pleased to be able to position ourselves for success into the future." Marin's noticing agent, Donlin Recano, has launched a dedicated web page for its stakeholders to get more information about the court-supervised restructuring process at The Company has filed and received approval of a series of customary motions with the Court that will allow it to maintain its business as usual and operate in the ordinary course, including financing of up to $1.2 million from YYYYY, LLC ('5Y'), $500,000 of which is to be provided on an interim basis, to enable the Company to meet its commitments to employees, and make timely payments to vendors. As a result, the Company expects to have the financial liquidity to execute these proceedings and continue business in the ordinary course. Upon closing the Transaction, which remains subject to approval by the Court, the Company anticipates full recoveries to all of its known creditors and providing a distribution to stockholders in return for the cancellation and retirement of all existing equity, with Kaxxa and potentially 5Y acquiring 100% of the new equity of the reorganized company. The Company will continue to enable customers to analyze, create, and optimize their marketing strategy and manage their digital advertising spend effectively during this process. Advisors Pachulski Stang Ziehl & Jones LLP is serving as lead counsel to the Company. Cozen O'Connor PC is serving as lead counsel to Kaxxa and 5Y. Cautionary Language Concerning Forward-Looking Statements. This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Exchange Act. The words 'anticipates,' 'believes,' 'estimates,' 'expects,' 'intends,' 'may,' 'plans,' 'projects,' 'will,' 'would' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the process and potential outcomes of the Company's Chapter 11 case and the Transaction; the Company's ability to continue to operate as usual during the Chapter 11 case; the expected timing of approval of the plan of reorganization; the Company's ability to effectuate the Transaction, allow the Company's customers to continue to use the Company's marketing platform, pay all general unsecured creditors in full and provide a distribution to the Company's stockholders; and the ability of the funding from Kaxxa to provide sufficient liquidity for the Company's obligations during the Chapter 11 case. These statements are based on management's current expectations, and actual results and future events may differ materially due to risks and uncertainties, including, without limitation, the Company's ability to satisfy the conditions under the agreement with Kaxxa and 5Y, risks inherent in the bankruptcy process, including the negotiation and confirmation of the plan of reorganization and the outcome of the Chapter 11 case generally; the Company's financial projections and cost estimates; the Company's ability to raise additional funds during the Chapter 11 case; the Company's ability to consummate the Transaction; and the effect of the Chapter 11 case on the Company's business prospects, financial results and business operations. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on our forward-looking statements. These and other factors that may affect the Company's future business prospects, results and operations are identified and described in more detail in the Company's filings with the SEC, including the Company's most recent Annual Report filed on Form 10-K and the subsequently filed Quarterly Report(s) on Form 10-Q. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results, later events or circumstances or to reflect the occurrence of unanticipated events. Cautionary Language Regarding Trading in Marin's Common Stock Marin's stockholders are cautioned that trading in Marin's common stock during the pendency of the Chapter 11 case is highly speculative and poses substantial risks. Marin's common stock is no longer listed on the Nasdaq Capital Market, and trading prices for Marin's common stock may bear little or no relationship to the actual recovery, if any, by holders thereof in the Chapter 11 case. Accordingly, Marin urges extreme caution with respect to existing and future investments in its common stock.
Associated Press
04-07-2025
- Business
- Associated Press
Design Group Americas Voluntarily Files for Chapter 11 Protection, Initiates Sale Process Aimed at Maximizing Value Through Going Concern Transactions
BERWICK, Pa.--(BUSINESS WIRE)--Jul 3, 2025-- IG Design Group Americas, Inc. and its domestic subsidiaries (collectively, 'DGA' or the 'Company'), a design, manufacturing, sourcing, and distribution company of branded and private label consumer products, announced today that it has voluntarily filed for chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas (the 'Court') to facilitate a court-supervised marketing and sale process pursuant to section 363 of the Bankruptcy Code. The Company intends to pursue a value maximization strategy by engaging with buyers who are interested in purchasing certain of the Company's business segments as a going concern, while concurrently winding down its domestically manufactured woven ribbon products business and supporting assets. DGA includes over 50 product categories and brands, some of which were established over a century ago. Like many companies in the consumer products sector, DGA has been navigating a challenging operating landscape for several years, compounded by the loss of a major customer, who entered liquidation and significantly impacted DGA's revenue as well as new trade tariffs imposed in 2025 that increased operational costs, affected pricing strategies, and contributed to reduced customer orders. The Company's decision to pursue an in-court process was driven by liquidity constraints, substantial working capital requirements, and the seasonal nature of significant portions of its business. 'Following DGA's sale to an affiliate of Hilco Capital Group, we have worked diligently with our advisors to evaluate the optimal path forward for the business,' said Sue Buchta, Chief Executive Officer of DGA. 'We enter the court-supervised sale process in dialogue with multiple interested parties for certain of our business segments as a going concern and intend to leverage chapter 11 to maximize the value of our assets. We thank our employees, customers, and partners for their support and will work diligently to minimize any potential impact during the process.' Additional Information about the Court-Supervised Process DGA has secured an agreement for approximately $53 million in committed debtor-in-possession ('DIP') financing from an affiliate of Hilco to support its value maximizing strategy throughout its Chapter 11 cases, subject to Court approval. Additionally, to uphold its commitments to its stakeholders, DGA has filed several customary 'first day' motions. These motions, upon approval by the Court, will provide authorization for the continued payment of employee wages and benefits arising under programs that were in effect as of the petition date, the maintenance of certain customer programs, payments to certain critical vendors for prepetition amounts owed, payment to vendors for amounts owed on post-petition goods and services delivered to the Company, and other relief measures standard in these circumstances. DGA's non-U.S. affiliates are not part of the chapter 11 cases and will continue to operate while the Company considers the impact of asset sales and the optimal plan to maximize the value of the interests it holds in those subsidiaries. Additional information is available at Stakeholders with questions may call the Company's claims agent Kroll, toll-free at (877) 307-2977 (U.S. and Canada) or (646) 290-6127 (International), or email at [email protected]. Advisors Latham & Watkins LLP is serving as legal counsel, Huron Consulting Group LLC is serving as financial advisor and investment banker, and C Street Advisory Group is serving as strategic communications advisor to DGA. About DGA Design Group Americas (DGA) is a diverse group of companies operating across multiple regions, categories, seasons, and brands. The company employs over 1,400 people and works with customers in the US and around the world, with offices and operations in the United States, UK, Australia and Asia. DGA products are found in over 100,000 retail outlets internationally, with products reaching millions of consumers of all ages. Design Group Americas creates, designs, and manufactures products that help the world celebrate life's special occasions. They are proud to serve the best retailers around the globe with a complete end-to-end service from design to distribution. Design Group America's products are found within six core categories: Gift packaging: DGA is one of the world's largest producer of celebrations products, including gift wrap, gift bags, ribbons & bows Party: Party-ware, balloons and accessories Ribbon: Craft, décor, ribbon for branded or floral business Craft: Craft and creative play products that empower consumers of all ages to express themselves, learn new skills, as well as create individual looks, unique gifts and keepsake items Stationery: Wide range of stationery products for consumers of all ages, for use in education, commercial, and home settings including both standard and fashion ranges Homeware/Décor: Seasonal and everyday décor such as florals, holiday signs, tabletop décor and ornaments View source version on CONTACT: Media [email protected] KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA INDUSTRY KEYWORD: RETAIL OTHER RETAIL HOME GOODS MANUFACTURING SPECIALTY OTHER MANUFACTURING OFFICE PRODUCTS SOURCE: IG Design Group Americas, Inc. Copyright Business Wire 2025. PUB: 07/03/2025 07:26 PM/DISC: 07/03/2025 07:26 PM
Business Wire
03-07-2025
- Business
- Business Wire
Design Group Americas Voluntarily Files for Chapter 11 Protection, Initiates Sale Process Aimed at Maximizing Value Through Going Concern Transactions
BERWICK, Pa.--(BUSINESS WIRE)--IG Design Group Americas, Inc. and its domestic subsidiaries (collectively, 'DGA' or the 'Company'), a design, manufacturing, sourcing, and distribution company of branded and private label consumer products, announced today that it has voluntarily filed for chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas (the 'Court') to facilitate a court-supervised marketing and sale process pursuant to section 363 of the Bankruptcy Code. The Company intends to pursue a value maximization strategy by engaging with buyers who are interested in purchasing certain of the Company's business segments as a going concern, while concurrently winding down its domestically manufactured woven ribbon products business and supporting assets. DGA includes over 50 product categories and brands, some of which were established over a century ago. Like many companies in the consumer products sector, DGA has been navigating a challenging operating landscape for several years, compounded by the loss of a major customer, who entered liquidation and significantly impacted DGA's revenue as well as new trade tariffs imposed in 2025 that increased operational costs, affected pricing strategies, and contributed to reduced customer orders. The Company's decision to pursue an in-court process was driven by liquidity constraints, substantial working capital requirements, and the seasonal nature of significant portions of its business. 'Following DGA's sale to an affiliate of Hilco Capital Group, we have worked diligently with our advisors to evaluate the optimal path forward for the business,' said Sue Buchta, Chief Executive Officer of DGA. 'We enter the court-supervised sale process in dialogue with multiple interested parties for certain of our business segments as a going concern and intend to leverage chapter 11 to maximize the value of our assets. We thank our employees, customers, and partners for their support and will work diligently to minimize any potential impact during the process.' Additional Information about the Court-Supervised Process DGA has secured an agreement for approximately $53 million in committed debtor-in-possession ('DIP') financing from an affiliate of Hilco to support its value maximizing strategy throughout its Chapter 11 cases, subject to Court approval. Additionally, to uphold its commitments to its stakeholders, DGA has filed several customary 'first day' motions. These motions, upon approval by the Court, will provide authorization for the continued payment of employee wages and benefits arising under programs that were in effect as of the petition date, the maintenance of certain customer programs, payments to certain critical vendors for prepetition amounts owed, payment to vendors for amounts owed on post-petition goods and services delivered to the Company, and other relief measures standard in these circumstances. DGA's non-U.S. affiliates are not part of the chapter 11 cases and will continue to operate while the Company considers the impact of asset sales and the optimal plan to maximize the value of the interests it holds in those subsidiaries. Additional information is available at Stakeholders with questions may call the Company's claims agent Kroll, toll-free at (877) 307-2977 (U.S. and Canada) or (646) 290-6127 (International), or email at dgateam@ Advisors Latham & Watkins LLP is serving as legal counsel, Huron Consulting Group LLC is serving as financial advisor and investment banker, and C Street Advisory Group is serving as strategic communications advisor to DGA. About DGA Design Group Americas (DGA) is a diverse group of companies operating across multiple regions, categories, seasons, and brands. The company employs over 1,400 people and works with customers in the US and around the world, with offices and operations in the United States, UK, Australia and Asia. DGA products are found in over 100,000 retail outlets internationally, with products reaching millions of consumers of all ages. Design Group Americas creates, designs, and manufactures products that help the world celebrate life's special occasions. They are proud to serve the best retailers around the globe with a complete end-to-end service from design to distribution. Design Group America's products are found within six core categories: Gift packaging: DGA is one of the world's largest producer of celebrations products, including gift wrap, gift bags, ribbons & bows Party: Party-ware, balloons and accessories Ribbon: Craft, décor, ribbon for branded or floral business Craft: Craft and creative play products that empower consumers of all ages to express themselves, learn new skills, as well as create individual looks, unique gifts and keepsake items Stationery: Wide range of stationery products for consumers of all ages, for use in education, commercial, and home settings including both standard and fashion ranges Homeware/Décor: Seasonal and everyday décor such as florals, holiday signs, tabletop décor and ornaments
The Journal
03-07-2025
- Business
- The Journal
Tinned food brand Del Monte files for bankruptcy and is looking for a buyer
TINNED FOOD BRAND Del Monte has filed for bankruptcy and is looking for a buyer. The company announced yesterday that it is entering voluntary chapter 11 bankruptcy and will begin the sale of its assets while it searches for a new owner. Advertisement Del Monte, a 138-year-old brand, is widely known for its tinned fruit and vegetable products. It said yesterday that it has secured €773m in funding that will allow the company to operate through the sale process. CNN reports its liabilities have been listed as between €800m and €8bn, according to court documents. 'With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success,' Greg Longstreet, President and CEO, said before thanking the company's employees, growers and customers. The California company's non-American subsidiaries are also included in the bankruptcy filings, but will continue to operate as normal alongside the rest of the firm. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Wall Street Journal
16-06-2025
- Business
- Wall Street Journal
At Home Group Enters Chapter 11 Amid Restructuring
At Home Group has entered a restructuring support agreement with lenders to eliminate substantially all of its nearly $2 billion in funded debt and has obtained about $200 million of capital to support operations. Under the terms of the agreement, At Home and certain subsidiaries have voluntarily entered chapter 11 proceedings in the U.S., a move the company said will strengthen its financial foundation and position it for long-term success.
