October 25, 2016 6:50 AM ET

Internet Software and Services

Company Overview of Delivery Agent, Inc.

Company Overview

Delivery Agent, Inc. turns audiences into revenue generating customers for brands, device manufacturers, and media companies worldwide. It offers ShopTV, a technology that allows audiences to engage with and transact directly from advertisements and television shows through Web, mobile, and advanced television applications; a cloud-based shopping platform, which enables omni-channel commerce for its clients with simplicity; eCommerce platform for omni-channel shopping; relevant and personalized product offers to viewers based on the content they are watching with the help of contextual database; and advertising solutions. The company works with broadcasters, advertisers, MVPDs, and smart TV ...

300 California Street

3rd Floor

San Francisco, CA 94104

United States

Founded in 2001





Key Executives for Delivery Agent, Inc.

Founder, Chairman and Chief Executive Officer
President, Chief Operating Officer and Director
Age: 54
Chief Financial Officer
President of Ecommerce
President of Consumer Products & Licensing
Age: 54
Compensation as of Fiscal Year 2016.

Delivery Agent, Inc. Key Developments

Bidding Procedure Approved for Delivery Agent, Inc.

The US Bankruptcy Court approved the bidding procedures relating to the sale of substantially all the assets of Delivery Agent, Inc. on October 13, 2016. As per the order, debtor has been authorized to sell substantially all its assets to Hillair Capital Investments L.P., the stalking horse bidder, for a purchase price of $18.91 million. As per the order, bid deadline has been fixed for November 10, 2016. Minimum qualified bids for substantially all the debtor's assets shall be equal to $8 million principal, $0.52 million of amortized OID and $0.57 million of accrued but unpaid prepetition interest on the Hillair prepetition claim plus DIP loan amount plus break-up fee of $0.20 million and expense reimbursement of $0.15 million and minimum overbid of $0.10 million. All the qualified bids shall be accompanied with good-faith deposit of 10%. Auction is scheduled for November 14, 2016. Sale objection deadline has been fixed for November 1, 2016. Sale hearing will be held on November 17, 2016.

Final DIP Financing Approved for Delivery Agent, Inc.

The US Bankruptcy Court gave an order to Delivery Agent, Inc. to obtain DIP financing on final basis on October 13, 2016. As per the order, the debtor has been authorized to obtain a senior secured credit facility of a total commitment of $5.43 million from Hillair Capital Investments L.P. with Hillair Capital Management LLC acting as the administrative agent. The debtor shall also receive advances to pay the roll-up amount of $13.49 million plus accrued interest and other fees and amounts owing under the respective pre-petition loan documents. The DIP loan would carry an interest rate of 12% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the DIP facility includes a closing fee of $0.15 million on initial commitment to the DIP facility. The DIP facility would mature either on the first business day occurring on or after December 1, 2016 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.27 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final DIP hearing is scheduled for. The proceeds of the DIP facility shall be used by the debtors to fund general corporate and working capital requirements.

Bidding Procedure Approved for Delivery Agent, Inc.

The US Bankruptcy Court approved the bidding procedures relating to the sale of certain assets of Delivery Agent, Inc. on October 11, 2016. As per the approved bidding procedures relating to the sale of Clean Fun business and related assets, bid deadline was fixed for October 7, 2016. Auction will be held on October 10, 2016. The Court has also approved the stalking-horse agreement with HALO Branded Solutions, Inc. dated September 25, 2016. Sale hearing is scheduled for October 11, 2016.

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