---
schema_version: "secwatch.filing_event.v1"
accession: "0000078814-24-000055"
form_type: "8-K"
ticker: "PBI"
cik: "0000078814"
company_name: "PITNEY BOWES INC /DE/"
filed_at: "2024-08-14T23:59:59+00:00"
generated_at: "2026-05-31T09:30:47.292478+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Pitney Bowes spins off majority of Global Ecommerce to Hilco, files Chapter 11

## Summary
- Hilco affiliate acquired 81% voting interest in DRF Logistics for de minimis consideration; Pitney retains 19% voting and 100% economic interests.
- Ecommerce Debtors (DRF Logistics and subsidiary) filed Chapter 11 petitions to conduct an orderly wind-down.
- Pitney entered Restructuring Support Agreement providing up to $47M DIP facility at 10% interest, maturing November 2024.
- Pro forma financials reclassify ecommerce segment as discontinued operations; continuing ops revenue was $1.025B for H1 2024.
- Approximately $4M in transaction costs accrued; Pitney will no longer consolidate ecommerce debtors' financial results.

## SEC filing metadata
- accession: 0000078814-24-000055
- form_type: 8-K
- ticker: PBI
- cik: 0000078814
- company_name: PITNEY BOWES INC /DE/
- filed_at: 2024-08-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/78814/000007881424000055/0000078814-24-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/78814/000007881424000055/pbi-20240808.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000078814-24-000055
- JSON: https://secwatch.observer/filing/0000078814-24-000055.json
- Plain text: https://secwatch.observer/filing/0000078814-24-000055.txt

## Key facts
- M&A Transactions
  PITNEY BOWES INC /DE/ completed a disposition involving affiliate of Hilco Commercial Industrial, LLC (closed 2024-08-08).
  - Action: disposition
  - Counterparty: affiliate of Hilco Commercial Industrial, LLC
  - Closing: 2024-08-08
  source text: an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of the Company retaining 19% of the voting interests and 100% of the economic interests.
  evidence_url: https://www.sec.gov/Archives/edgar/data/78814/000007881424000055/0000078814-24-000055-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.