Delivery Agent, a company that helps entertainment and sports operations sell products online, filed for chapter 11 bankruptcy protection Thursday, after hopes of an initial public offering of stock fell through, the Wall Street Journal reported today. Hillair Capital Investments L.P., which stepped up with rescue financing late last year, is set to lead a bankruptcy auction for the business. Hopes are that the chapter 11 filing will spur interest in Delivery Agent, allowing a sale free and clear of the more than $65 million in unsecured debt weighing on the company’s balance sheet. The idea behind the San Francisco-based company is to help TV, music and other entertainment companies sell products to consumers, through online technology. Delivery Agent is connected to hundreds of digital commerce storefronts, offering thousands of products relating to TV shows, movies, music, sports and artists. Besides its proprietary e-commerce technology platform, the company provides in-house services including website operations, product design, development, merchandising, order fulfillment, and customer service.
