Troika Media Group, Inc. (TRKA) has entered into a restructuring support agreement with certain funds managed by Blue Torch Finance LLC, the company's senior secured lenders, pursuant to which Blue Torch would acquire substantially all of the assets of Troika via a stalking horse credit bid.
Troika Media Group is seeking approval of the proposed stalking horse credit bid pursuant to section 363 of the United States Bankruptcy Code. Troika and certain of its affiliates have filed voluntary petitions for relief under chapter 11. The company's secured lenders have committed to provide $11 million of debtor-in-possession financing.
Grant Lyon, Interim CEO of Troika, said: "We expect that the process will be relatively short and that the company will have adequate liquidity to operate the Converge business normally throughout the process. We anticipate that the company will emerge from Chapter 11 as a private company with a stronger balance sheet and with Michael Carrano and Maarten Terry, two long term leaders of the Converge business, in leadership roles."
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