Loot Crate has sold substantially all its assets to an affiliate of National Entertainment Collectibles Association (NECA) from its Chapter 11 case in the District of Delaware.
FocalPoint Securities acted as the company’s exclusive investment banker in connection with this transaction.
“This transaction creates a path forward for the company and allows it to move past some challenging times,” said Loot Crate Chief Restructuring Officer, Stuart Kaufman, of Portage Point Partners._x000D_
“By partnering with NECA, a collectible manufacturing company that produces X-Men, Star Trek, Batman, and other pop culture figurines, Loot Crate’s subscribers can feel confident that they will continue to receive new and exciting pop culture collectibles.” _x000D_
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“We started working with the Company early this year, presenting the opportunity to a wide range of strategic and financial investors. Ultimately, the complexities of this transaction necessitated an expedited 363 sale and the Company’s advisors were able to structure, negotiate, and close this strategic transaction, eliminating the possibility of a liquidation and leaving stranded hundreds of thousands of subscribers,” said Michael Fixler, managing director FocalPoint Special Situations practice. _x000D_
Founded in 2012, Loot Crate, partners with industry leaders in entertainment, gaming, sports, and pop culture to deliver monthly themed crates, produce interactive experiences and digital content, and film original video productions.
