TV technology provider Kit Digital said that its plan to rebrand itself as Piksel and relaunch the business at IBC in September has been approved by the US Bankruptcy Court for the Southern District of New York.
Kit Digital filed for voluntary bankruptcy protection three months ago in a bid to “cleanse itself of legacy issues, including financial, legal and regulatory matters.”
Under its reorganisation plan, the business will officially rebrand on August 29 and draw on its existing suite of software applications, industry partnerships, and professional and managed services. Kit added that Piksel’s new leadership team remains in place and is focused on “a number of new initiatives and opportunities that will create value for customers and shareholders.”
Peter Heiland, interim Chief Executive Officer of Piksel said: “Piksel is set to emerge as a healthy, dynamic company with a great mix of talented employees, market-leading customers, profitable assets, and sufficient liquidity for operations and investments. I would like to thank all of those who dedicated so much time and effort, including our employees and advisors, to helping us complete our restructuring.”