Troika Media Group Inc. Announces Strategic Chapter 11 Filing and Sale to Blue Torch
Portfolio Pulse from Benzinga Newsdesk
Troika Media Group, Inc. (TRKA), a consumer engagement and customer acquisition group, has announced a strategic Chapter 11 bankruptcy filing. The company has entered into a restructuring support agreement with Blue Torch Finance LLC, its senior secured lenders. Under this agreement, Blue Torch will acquire substantially all of Troika's assets through a stalking horse credit bid.
December 07, 2023 | 8:08 am
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Troika Media Group, Inc. has filed for Chapter 11 bankruptcy and is planning to sell its assets to Blue Torch Finance LLC. This move is aimed at restructuring the company's debt and is likely to have a significant impact on the company's stock.
The announcement of a Chapter 11 bankruptcy filing typically has a negative impact on a company's stock price in the short term due to the uncertainty it creates about the company's future. The sale of assets to Blue Torch Finance LLC indicates a significant change in the company's structure and potential dilution or loss of value for current shareholders.
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