Troika Media cancels auction, eyes sale to stalking horse bidder

By Sarah Lizee

Olympia, Wash., Jan. 22 – Troika Media Group, Inc. canceled an auction for its assets that was previously scheduled for Monday and will seek approval to sell its assets to a Blue Torch Finance LLC entity, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company plans to implement a restructuring support agreement with funds managed by Blue Torch, the company's senior secured lenders, through which Blue Torch agreed to acquire substantially all of the assets of the company via a stalking horse credit bid of $51 million total. The bid was subject to competing bids via the company’s bid procedures.

A sale hearing is set for Jan. 30.

Troika is a brand consultancy and marketing company based in New York. The company filed bankruptcy on Dec. 7 under Chapter 11 case number 23-11969.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.