Tix Corporation and its wholly-owned subsidiary, Tix4Tonight, filed voluntary petitions under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Nevada.
In conjunction with its Chapter 11 cases, Tix will seek and intends to obtain debtor-in-possession financing from any lenders that will serve to supplement the company’s current cash position, enabling it to operate the business uninterrupted and continue to meet its financial obligations, including the timely payment of employee wages and benefits, lease payments and other obligations, as well as administering its Chapter 11 cases.
Tix, in conjunction with the filing, is also pursuing a sale process under section 363 of the bankruptcy code. To this end, the company intends to market and sell its assets to the highest and/or best bidder through a court-supervised auction and approval process.
Tix’s board appointed Dan Scouler, a director of debtors in Chapter 11 cases, as an additional director to assist the company in the Chapter 11 process.
Rock Creek Advisors is acting as financial advisory and restructuring advisor to Tix and Griffin Hamersky is the company’s legal counsel.
