iLearningEngines, Inc.: going-concern / distress — iLearningEngines files Chapter 11 bankruptcy; $54M debt outstanding; warns of stockholder loss

iLearningEngines, Inc.

Voluntary Chapter 11 petition filed in Delaware Bankruptcy Court on December 20, 2024.
Approximately $54M outstanding under East West Bank Revolving Facility ($36M to East West, $18M to Valley National).
Company will continue operating as debtor-in-possession; seeks to reorganize finances.
Interim CEO Tom Olivier (appointed Dec 5, 2024) stated hope to emerge stronger.
Company warns stockholders could experience significant or complete loss of investment.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

iLearningEngines, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-12-20).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-12-20

Exact text from the filing

On December 20, 2024, iLearningEngines, Inc. (the “Company”) and its affiliated entity, iLearningEngines Holdings, Inc. (“Holdings,” and together with the Company, the “Debtors”) , filed a voluntary petition (the “Chapter 11 Case”) for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0001213900-24-111529

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