Musictoday And Delivery Agent File For Bankruptcy, Seek Buyer
MusicToday has filed for Chapter 11 bankruptcy. When Coran Capshaw and his Red Light team founded MusicToday, they were among the first major direct to fan ticketing and merchandise platforms. But like Topspin and too many other D2F pioneers, it never lived up to its hoped for potential.
Music merchandise and marketing company MusicToday has voluntarily filed for Chapter 11 bankruptcy protection along with its parent company Delivery Agent Inc.
“This is a very positive development for our company and our customers,” Delivery Agent founder and CEO Mike Fitzsimmons said in a statement. “Through these proceedings, we’re initiating a process that preserves company value, allows the company to reorganize its business affairs and establishes a necessary foundation for future growth and profitability.”
Parent company Delivery Agent said they have obtained a commitment for debtor in possession financing which, subject to Court approval, will provide them with the necessary liquidity to continue operations during the bankruptcy proceedings. The company is looking for potential buyers for the firm or their assets.
Delivery Agent, which specialized in "turning audiences into revenue generating customers" for brands and media companies, was founded in 2001 and has received $135 million in investor financing. The company says that they will continue daily operations without interruption during the bankruptcy process.
Reporting includes material from Celebrity Access