New Delaware Chapter 15 Bankruptcy Filing – Munro Media Ltd.

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Munro Media Ltd., along with three subsidiaries, has filed a petition for recognition of a foreign proceeding under Chapter 15 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11365-KBO). According to the accompanying Declaration and exhibits thereto, the Debtors are advertising technology companies that offer online marketing expertise to their customers. Ernst & Young Inc. has been appointed as the Receiver of all of the Debtors’ assets by the Superior Court of Justice (Commercial List) in Ontario, Canada (Court File No.: CV-19-00617777-00CL). As Receiver, Ernst & Young is pursuing an orderly liquidation of the Debtors’ assets following declining revenues which the Debtors attribute to increasing scrutiny of the online advertising industry. The cases have been assigned to the Honorable Karen B. Owens, who was sworn in as Delaware’s newest bankruptcy judge on June 17, 2019.

For more information regarding this matter, please contact Norman L. Pernick or G. David Dean.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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