Troika gets further DIP access, approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Jan. 3 – Troika Media Group, Inc. received approval to access $10.3 million of a proposed $11 million debtor-in-possession facility, according to a further interim order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The company also received approval of the bid procedures for its assets, according to a separate order.

As previously reported, the company plans to implement a restructuring support agreement with funds managed by Blue Torch Finance LLC, the company's senior secured lenders, through which Blue Torch will acquire substantially all of the assets of the company via a stalking horse credit bid. The bid is subject to competing bids via the now-approved bid procedures.

The DIP facility has a 90-day maturity and bears interest at SOFR plus 1,000 basis points.

The financing, as well as cash generated from ongoing operations, will fund the company’s business operations through the sale process, which it expects to conclude within the next few months.

Under the bid procedures, the bid deadline is 4 p.m. ET on Jan. 18, an auction is scheduled for Jan. 22, and a sale hearing is set for Jan. 30.

Troika is a brand consultancy and marketing company based in New York. The company filed bankruptcy on Dec. 7 under Chapter 11 case number 23-11969.

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