On September 15, 2016, Delivery Agent, Inc. and three affiliates, Musictoday, LLC, Clean Fun Promotional Marketing, Inc., and Shop the Shows, LLC, filed chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The case has been assigned to The Honorable Laurie Selber Silverstein and has been docketed as case no. 16-12051.
James Jeffrey Hagan, the CFO of the debtors, has filed a declaration in support of the filing. According to Mr. Hagan, the companies have approximately 250 employees with headquarters in San Francisco. Prior to filing the petition, the debtors had pursued alternatives, including a possible IPO or a strategic sale. Both failed to materialize. In bankruptcy, Mr. Hagan indicates in his declaration that the debtors will pursue a 363 auction and sale process.
