The founder of fallen adtech startup MediaMath is trying to buy back the bankrupt company's assets
It comes after MediaMath filed for Chapter 11 bankruptcy protection last month.MediaMath cofounder Joe Zawadzki is looking to assemble a syndicate of adtech industry investors to attempt to buy back the company's assets at its upcoming bankruptcy auction, according to people familiar with the matter.company's assets is set to take place in the Delaware bankruptcy court on August 8 at 4 p.m. eastern time.
MediaMath grew to more than 700 people and courted — but ultimately turned down — acquisition offers from larger companies like IBM, Bain Capital, and Singtel. The company came close to a deal with a new buyer, Media and Games Invest, but when MGI walked away, MediaMath was left with no cash runway and filed for Chapter 11 bankruptcy protection on June 30, ceasing operations that day. MediaMath owes at least $125 million to hundreds of creditors, according to the bankruptcy filings. Zawadzki had hinted to Insider earlier this month that he would be interested in picking up MediaMath's assets.
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