secwatch.observer — SEC 8-K summary
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Issuer:     Troika Media Group, Inc. (—)
CIK:        0001021096
Form:       8-K
Filed at:   2023-12-07T23:59:59+00:00
Accession:  0001628280-23-040998
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.03, 2.04, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Troika Media files Chapter 11, enters stalking horse asset sale to Blue Torch Finance
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1021096/000162828023040998/0001628280-23-040998-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1021096/000162828023040998/trka-20231207.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-040998

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