Near Intelligence gets confirmation of Chapter 11 liquidation plan

By Sarah Lizee

Olympia, Wash., March 15 – Near Intelligence, Inc. received confirmation of its Chapter 11 plan of liquidation from the U.S. Bankruptcy Court for the District of Delaware on Friday, according to an order.

As previously reported, the company filed bankruptcy in December after lining up a stalking horse agreement with its existing secured lenders. The proposed purchase price includes a credit bid of at least $50 million, comprised of all amounts Near owes to its lenders under a debtor-in-possession facility and $34 million it owes under a prepetition senior secured credit facility.

Under the plan, priority non-tax claims and other secured claims are unimpaired.

After payment in full in cash of all administrative claims, priority tax claims and priority non-tax claims and funding the amounts needed to fund a wind-down of the estates, holders of prepetition loan claims will receive their pro rata share of litigation trust distribution proceeds up to the allowed amount of their claims, less the credit bid amount, if they are the successful bidder for the assets. Otherwise, they will receive the sale consideration and litigation proceeds on a first-priority basis.

If there is excess value remaining in the litigation trust assets after prepetition loan claims are paid in full, holders of general unsecured claims will receive their pro rata share of the litigation trust distribution proceeds.

Holders of existing securities law claims, interests and intercompany claims and interests will not receive any distribution under the plan.

Near Intelligence is a Pasadena, Calif.-based privacy-led data intelligence company. The company filed bankruptcy on Dec. 8 under Chapter 11 case number 23-11962.

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