AiBUY files Chapter 11 plan; disclosure statement hearing Dec. 9

By Sarah Lizee

Olympia, Wash., Nov. 16 – AiBUY Holdco, Inc. filed a Chapter 11 plan and related disclosure statement Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

The plan was negotiated by the debtors and Stinv, the majority shareholder and largest prepetition lender of the debtors.

It contemplates the satisfaction of all of the debtors’ outstanding unsecured debt owed to non-Stinv parties, including roughly $5.4 million owed to various lenders through a series of convertible note purchase agreements and about $2.3 million in outstanding unsecured trade liabilities.

Stinv will provide about $6 million in new-money exit financing to fund the debtors’ businesses in and upon emergence from Chapter 11. Stinv will get 100% of the new common equity of the reorganized debtors.

Stinv is the only impaired class entitled to vote on the plan.

Administrative claims and priority tax claims will be paid in full.

Other priority claims, other secured claims, general unsecured claims and interests in AiBUY Opco are unimpaired.

Interests in AiBUY Holdco will be canceled.

The hearing on conditional approval of the disclosure statement is scheduled for Dec. 9.

The Dallas-based digital marketing company made its voluntary Chapter 11 filing on Nov. 1 under case number 22-31737.

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