KIT digital to Become Piksel
NEW YORK -- KIT digital, Inc. ("KIT" or the "Company"), a global provider of digital television and media solutions, announced today that its Plan of Reorganization (the "Plan") will be confirmed by the U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court"). KIT digital filed for voluntary bankruptcy protection three months ago to cleanse itself of legacy issues, including financial, legal and regulatory matters.
Upon emergence from Bankruptcy, the Company plans to rebrand as Piksel, and relaunch at September's International Broadcasting Convention in Amsterdam, one of the world's largest trade shows for the broadcast industry.
"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," said Peter Heiland, interim Chief Executive Officer of Piksel. "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."
KIT digital will officially rebrand on August 29. Heiland notes that the new company will leverage its solutions expertise; the flexibility of which will be driven by a suite of software applications, industry partnerships, and world-class professional and managed services.