Troika Media Group, Inc.: going-concern / distress — Troika Media files Chapter 11, enters stalking horse asset sale to Blue Torch Finance

Troika Media Group, Inc.

Filed Chapter 11 on Dec 7, 2023 in SDNY; will operate as debtor-in-possession.
Stalking horse credit bid: at least $11M DIP obligations + at least $40M prepetition loan claims by Blue Torch.
DIP financing up to $11M committed by Blue Torch to fund operations through sale process.
2023 annual meeting canceled; Company warns equity holders likely receive no recovery.
Sale process via court-supervised auction expected to conclude in a few months; Converge leaders Carrano and Terry to remain.

item 1.01 item 1.03 item 2.03 item 2.04 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Troika Media Group, Inc. incurred term loan of $11,000,000 with Blue Torch Finance LLC.

Instrument: term loan
Principal: $11,000,000
Counterparty: Blue Torch Finance LLC
Event: incurrence

Exact text from the filing

the DIP Lenders provided the Debtors with a senior secured, superpriority debtor-in-possession term loan facility in the maximum aggregate amount of $11,000,000

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Troika Media Group, Inc. faced acceleration on credit facility of $71,718,750 with Blue Torch Finance LLC.

Instrument: credit facility
Principal: $71,718,750
Counterparty: Blue Torch Finance LLC
Event: acceleration

Exact text from the filing

thereto and Blue Torch Finance LLC, as administrative agent and collateral agent. As of December 1, 2023, the outstanding principal amount under the Financing Agreement was $71,718,750. The Financing Agreement provides that upon the filing of the Bankruptcy Petitions, the outstanding principal and all accrued and unpaid interest under the Financing Agreement

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Troika Media Group, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of New York (petition 2023-12-07).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of New York
Petition: 2023-12-07

Exact text from the filing

each filed a voluntary petition for relief (the “ Bankruptcy Petitions ”) under chapter 11 of the United States Bankruptcy Code

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Source: SEC EDGAR

accession 0001628280-23-040998

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