{"id":606964,"date":"2023-02-09T14:43:00","date_gmt":"2023-02-09T20:43:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/09\/big-village-media-and-emx-digital-file-chapter-11-proceedings\/"},"modified":"2023-02-09T14:43:00","modified_gmt":"2023-02-09T20:43:00","slug":"big-village-media-and-emx-digital-file-chapter-11-proceedings","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/09\/big-village-media-and-emx-digital-file-chapter-11-proceedings\/","title":{"rendered":"Big Village Media and EMX Digital file Chapter 11 proceedings"},"content":{"rendered":"
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February 9, 2023\u00a0\u00a0\u2022\u00a0\u00a02 min read<\/span> | By Ronan Shields<\/a><\/p>\n<\/div>\n

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\n\t\t\t\t\tIvy Liu\t\t\t\t<\/p>\n<\/p><\/div>\n

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Big Village Media, formerly known as Engine Group, and its ad tech entity EMX Digital have filed for bankruptcy protection, a development that will have creditors pondering if they\u2019ll ever receive payment. <\/p>\n

Chapter 11 papers filed in a District of Delaware Court this week (Feb. 8) by Big Village and EMX Digital, plus affiliated entities, list its estimated number of creditors between \u201c5,000-10,000.\u201d<\/p>\n

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The same documents listed its estimated assets between $10-50 million while estimated liabilities are in the range of $50-100 million with the largest creditors including a roster of names including Pluto TV, Yahoo, and Google.<\/p>\n

Of the 30 largest creditors listed in the filing, sizes of the claims vary between $6.6 million (CPX Interactive) and $348,527 (Roku) with the former filing for payments in mid-January according to separate court papers<\/a> seen by Digiday.<\/p>\n

The developments follow the departure of senior executives including the chief executive of both Big Village \u2014 its\u00a0former CEO Kasha Cacy recently joined Known<\/a> \u2014\u00a0and EMX Digital with Michael Zacharski understood to have left the company last week.<\/p>\n

EMX has closed most of its operations; AdExchanger<\/a> reported that a \u201csmall skeleton crew\u201d remains at the entity, while Zacharski was unable to respond to Digiday\u2019s request for comment by press time with the developments coming a week after Big Village\u2019s Australia also appointed administrators. <\/p>\n

Seasoned observers of the sector will recall how the downfall of EMX Digital, a supply-side platform, is evocative of the 2019 bankruptcy of Sizmek \u2014\u00a0then a full-stack ad tech offering before it was sold off piecemeal \u2014 whose decline was interpreted as symbolic of the \u201cend of an era<\/a>\u201d at the time. <\/p>\n

Similarly, publishers will be reminded of 2020 when the Covid-19 pandemic prompted a number of ad tech vendors citing force majeure clauses in their contracts in developments that left media owners receiving less than they had bargained for<\/a> in the immediate term. <\/p>\n<\/div>\n

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