Digital Media Solutions Files Chapter 11, Agrees Sale to Lenders

Digital Media Solutions enters into an asset purchase agreement to transition the company’s ownership to existing lenders, according to a statement.

• Secured ~$122m debtor-in-possession financing from some lenders
  • Comprises $30m in new money commitments and ~$92m in a ‘roll-up’ of pre-petition funded debt
• Files Chapter 11 bankruptcy in Southern Texas to facilitate the sale sale; expects to complete process in 4Q
  • Estimated assets: $100m-$500m
  • Estimated liabilities: $100m-$500m
• ClickDealer subsidiaries are not part of the Chapter 11 proceedings, but included in the proposed sale to the lenders
• Co. is operating in the ordinary course across its businesses

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