Near Intelligence files bankruptcy with stalking horse deal from lenders

By Sarah Lizee

Olympia, Wash., Dec. 8 – Near Intelligence,Inc. and some of its subsidiaries filed Chapter 11 bankruptcy Friday in the U.S. Bankruptcy Court for the District of Delaware and will seek to sell their assets through a court-supervised process, according to a press release.

The company said it has also entered into a $16 million multi-draw debtor-in-possession financing agreement with its existing secured lenders, affiliates of Blue Torch Finance LLC, to provide up to $16 million of operating capital.

Near Intelligence’s existing secured lenders are also serving as stalking horse bidder for the assets.

The proposed purchase price includes a credit bid of at least than $50 million, comprised of all amounts Near owes to its lenders under the DIP facility and the $34 million it owes under a prepetition senior secured credit facility.

The debtors have filed various first-day motions with the court requesting customary relief that will enable them to transition into Chapter 11 while continuing to operate their business in the ordinary course.

In its petition, the company listed $50 million to $100 million in assets and $100 million to $500 million in liabilities.

Its largest unsecured creditors are YA II PN, Ltd c/o Yorkville Advisors Global, LLC, based in Mountainside, N.J., with a $6.69 million unsecured convertible debentures claim, Kirkland & Ellis LLP, based in New York, with a $4.99 million professional services claim, KludeIn Prime, LLC, based om Berkely, Calif., with a $6.48 million, Amazon Web Services, Inc., based in Seattle, with a $2.59 million trade claim, and Polar Multi Strategy Master Fund, based in Toronto, with a $2.33 million unsecured convertible debentures claim.

Near Intelligence is represented by Willkie Farr & Gallagher LLP and Young Conway Stargatt & Taylor, LLP as counsel, Ernst & Young LLP as restructuring adviser and GLC Advisors & Co., LLC as restructuring investment banker.

Near Intelligence is a Pasadena, Calif.-based privacy-led data intelligence company. The Chapter 11 case number is 23-11962.

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