Troika Media Shares Plunge to New Low After Chapter 11 Filing

Dow Jones2023-12-07

By Colin Kellaher

Troika Media Group shares lost more than three-quarters of their value and hit an all-time low on Thursday after the marketing services company filed for chapter 11 bankruptcy with plans to sell its assets.

Shares of the New York company were recently changing hands at 43 cents, down more than 77%, after touching an all-time low of 38 cents early in the session.

Troika said Blue Torch Finance, its senior secured lenders, has agreed to acquire substantially all of the company's assets of via a so-called "stalking horse" bid in a court-supervised auction process.

Troika said it doesn't expect holders of its common stock or other equity securities will receive any payment or other distribution from the bankruptcy process.

Shareholders are generally wiped out in bankruptcy cases.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 07, 2023 09:55 ET (14:55 GMT)

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