Brief: Character.Ai Initiates Voluntary Chapter 11; Enters Stalking Horse Agreement With Disney For $20 Million
BRIEF-Character.Ai Initiates Voluntary Chapter 11; Enters Stalking Horse Agreement With Disney For $20 Million Oct 12 (Reuters) - The Walt Disney Company DIS.N:
CHARACTER.AI INITIATES VOLUNTARY CHAPTER 11 PROCEEDING TO FACILITATE VALUE-MAXIMIZING SALE PROCESS
CHARACTER.AI- REACHES STALKING HORSE AGREEMENT TO SELL CERTAIN ASSETS TO AFFILIATE OF WALT DISNEY COMPANY
CHARACTER.AI- DURING SALE PROCESS, CO EXPECTS TO CONTINUE OPERATING ITS BUSINESS, INCLUDING CHARACTER.AI PLATFORM, WITH MINIMAL DISRUPTIONS TO SERVICE
CHARACTER.AI - SALE PROCESS DOES NOT RESULT IN A PURCHASE THAT PROVIDES FOR A CONTINUATION OF CHARACTER.AI PLATFORM, PLATFORM WILL BE WOUND DOWN
CHARACTER.AI - REACHES STALKING HORSE AGREEMENT TO SELL CERTAIN ASSETS TO AFFILIATE OF WALT DISNEY COMPANY
CHARACTER.AI: ENTERED INTO AGREEMENT WITH DISNEY TO SERVE AS STALKING HORSE BIDDER FOR CO'S NON-EXCLUSIVE PERPETUAL LICENSE OF CERTAIN IP FOR $20 MILLION
Source text: ID:nBwb8LyFya
Further company coverage: DIS.N
((Reuters.Briefs@thomsonreuters.com;))
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