Platinum-Backed PR Software Firm Cision Creates New Legal Entity

Platinum Equity-backed Cision Ltd. disclosed to some lenders that it created a new holding company on Nov. 1, a move some lenders are considering as the first step before an asset sale or collateral transfer, according to people familiar with the situation.

The disclosure didn’t explain why the holding company was formed, said the people, who asked not to be identified discussing a private matter. Some of the people also said that Chief Executive Officer Cali Tran subsequently departed Cision, less than two years after his appointment.

Representatives with Cision and Platinum Equity, which acquired the public-relations software firm ...