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KIT digital announces final phase of restructuring

KIT digital announces final phase of restructuring

17.4.2013 10:01
Autor: Redakce, Patria.cz

KIT digital, Inc. (“KIT” or the “Company”), a global provider of Digital Television and Media solutions, announced that it has reached an agreement with three of the Company’s largest shareholders, Prescott Group Capital Management, JEC Capital Partners, and Ratio Capital Partners (collectively the “Plan Sponsor Group”), to sponsor a reorganization of the Company under chapter 11 of the U.S. Bankruptcy Code. The reorganization is expected to be effectuated pursuant to a Plan of Reorganization (the “Plan”). This 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 and Megahertz into a newly formed group entity called Piksel. Through the Plan, the Company expects to be in a position to pay all vendors, suppliers and other holders of valid pre-petition claims.

Only the non-operating parent holding company, KIT digital, Inc., will commence a chapter 11 case to effectuate the proposed restructuring. It is anticipated that the chapter 11 filing will occur by April 24, 2013. KIT digital’s already profitable operating subsidiaries, including Ioko 365, Polymedia, Kewego, Multicast and Megahertz will not be impacted.

KIT has taken this action, with the support of its Independent Special Committee of the Board of Directors. William V. Russell, Non-executive Chairman of the Board of Directors, added, “We are pleased to announce this comprehensive solution that will provide KIT with relief from the financial, legal, and regulatory issues currently encumbering it. The Plan allows all shareholders the opportunity to participate in the future growth of the Company and at the same time it will complete the Company’s restructuring by strengthening the balance sheet and positioning it for profitable growth.”


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