SAN FRANCISCO (CelebrityAccess) — 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 emphasized that the company would continue its daily operations without interruption during the process.
Launched by Coran Capshaw in 2000, the company was acquired by Live Nation in 2006. In 2014, Delivery Agent acquired Musictoday from Live Nation. – Staff Writers