Filing Alert: Kognitiv Chapter 11

Kognitiv US LLC, a Minneapolis, MN-based provider of loyalty and data-driven marketing solutions for global brands, filed for Chapter 11 protection on Apr. 2 in the U.S. Bankruptcy Court for the District of Delaware.

The Chapter 11 filing follows a cross-border sale process led by Canadian parent Kognitiv Corporation under the Bankruptcy and Insolvency Act in Ontario. Kognitiv US has executed an asset purchase agreement with Capillary Technologies LLC and intends to consummate the sale via a Section 363 process. The debtors are also seeking approval for postpetition financing to support the transaction and fund operations during the case.

The company reports $10 million to $50 million in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-10648.

Top Unsecured Claims

Key Parties

Counsel:

• Patrick A. Jackson
• Faegre Drinker Biddle & Reath LLP
• Email: patrick.jackson@faegredrinker.com

Signatories:

• Tim Sullivan – Authorized Signatory

Equity Security Holders:

• Loyalty Solutions Holdings US Inc. – 100% Equity Interest

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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