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MobiTV files for chapter 11


| 02 March 2021
Aiming to shore up its finances as it restructures, app-based TV video delivery solutions provider MobiTV and its subsidiaries have voluntarily filed for fiscal relief under chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.
After it said was a thorough process of evaluating all strategic alternatives, MobiTV’s board of directors unanimously decided that pursuing a restructuring through a formal chapter 11 process was a necessary step forward for the business. As part of the process, MobiTV has received a commitment for a $15.5 million debtor-in-possession (DIP) financing facility, subject to Court approval, that the company says will enable it to see out the duration of its restructuring process, providing a financial runway and flexibility to execute on what the company called a “value-maximising” solution, which may include a going-concern sale under section 363 of the Bankruptcy Code. ....

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