KIT digital, Inc. Files Previously Announced Plan of Reorganization
As anticipated, KIT digital, Inc. ("KIT" or the "Company"), a global provider of digital television and media solutions, announced today that the Company has filed a voluntary petition under chapter 11 of the U.S. Bankruptcy Code in furtherance of its previously announced agreement to implement a contemplated Plan of Reorganization (the "Plan"). The Plan is sponsored by three of the Company's largest shareholders, Prescott Group Capital Management, JEC Capital Partners, and Ratio Capital Partners (collectively, the "Plan Sponsor Group"), and is anticipated to include, among other things, a recapitalization of the Company fully backstopped by the Plan Sponsor Group, an opportunity for all existing shareholders to participate in the recapitalization, and the regrouping of the core operating entities ioko 365, Polymedia, Kewego, Multicast/KDA and Megahertz into a newly formed group entity called Piksel. The Company is focused on expeditiously obtaining confirmation of the Plan.
Fabrice Hamaide, Chief Financial Officer of the Company, said, "We are extremely excited to commence the formal reorganization process. Without impacting our operating subsidiaries, the Company has prepared a process that is fair to all stakeholders and contemplates an accelerated timeline that will allow the Company to quickly emerge with a strong balance sheet, no debt, and a product and services platform that is built for profitable growth."
For more information, please see: www.americanlegalclaims.com/kdi
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