Sizmek, the world’s largest third-party ad server, late Friday announced it had filed to be restructured under the Chapter 11 bankruptcy code.
It said it also is “seeking access to capital” and continues to “review strategic alternatives.”
“In the months preceding the filing, Sizmek has been in extended discussions with its stakeholders regarding their continued support of the company as it pursued various strategic alternatives to address its over-leveraged balance sheet,” the company’s statement reads. “Despite these ongoing discussions, the company's primary lender took control of the company's bank accounts and sought to divert customer receivables, thereby cutting off access to capital.”
Sizmek's Chapter 11 case is pending in the U.S. Bankruptcy Court for the Southern District of New York.
Subsidiaries included in the filing include: 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.