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Barr Ellison Solicitors – commercial property
ARM Innovation Hub
10 May, 2021 - 10:48 By Tony Quested

Amino files bid for bankrupt US business

Cambridge’s Amino Technologies plc has entered the bidding for bankrupt California business MobiTV and will know tomorrow if it has been successful.

No exact figures can be ascertained ahead of the auction. MobiTV  – a live and on-demand TV platform provider – filed for chapter 11 bankruptcy in March and T-Mobile, its biggest customer, provided a $15.5 million loan to support the company and protect the jobs of 86 staff. 

Amino is an AIM-listed software-led global media technology company that delivers modern TV experiences.

MobiTV had total assets of $19m and total liabilities of $75m at the time of its bankruptcy filing. The company generated $13.5m in revenue in 2020 but had an operating loss of $34m.

It provides a TV-as-a-Service solution that allows operators to fully modernise their PayTV offering to consumers, reduce costs, utilise network bandwidth more efficiently and to enable the future upgrades of new services and features. 

The MobiTV solution is a white labelled managed service for a full TV platform, including live and on-demand TV content, network PVR functionality and content rights.

The possible acquisition would immediately establish a TVaaS infrastructure capability in the US for Amino but the board estimates a takeover would require significant investment over a 6-12 month period to develop the opportunity organically. 

The possible acquisition would also provide an immediate contribution towards Amino's strategic financial goals, in particular its focus on increasing annual recurring revenues. 

Amino submitted a bid for the trade and assets of MobiTV to the United States Bankruptcy Court for the District of Delaware on May 7. Whether Amino's bid is successful will be decided by the court following the May 11 auction process.

Once the auction has been completed, a hearing before the court to request approval of all aspects of the sale to the winning bidder is scheduled for May 21; any acquisition of the trade and assets of MobiTV must close by May 31.

The costs and working capital commitments associated with the possible acquisition would be funded by Amino's existing cash resources and available credit facilities, supplemented by a placing of new ordinary shares.

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