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💥New Chapter 11 Bankruptcy - Takeoff Technologies Inc.💥

💥New Chapter 11 Bankruptcy - Takeoff Technologies Inc.💥

Yet another proposed bankruptcy sale!

Jun 09, 2024
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PETITION
PETITION
💥New Chapter 11 Bankruptcy - Takeoff Technologies Inc.💥
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On May 30, 2024, MA-based Takeoff Technologies Inc. (“Takeoff”) and five affiliates (collectively, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Goldblatt). The debtors, with $12.9mm of trade claims as of the petition date and no funded debt, are looking to “implement a value-maximizing restructuring through a sale of some or all of their assets.” These assets support the “micro-fulfillment” of online grocery shopping, so all the zeistgeisty words — cloud orchestration! industrial AI!, data-driven analytics! are here. The debtors seek a $9.6mm DIP, funded by a group of lenders one doesn’t see every day: 

Source: Dkt. 11

The debtors obtained all requested relief on an interim basis at a first-day hearing on May 31, 2024. 

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