The company behind Visto, a digital advertising platform, has filed for bankruptcy, with plans to send its business to the auction block, WSJ Pro Bankruptcy reported. Collective Inc. on Monday sought chapter 11 protection at the U.S. Bankruptcy Court in New York. Before filing for bankruptcy, Collective says that it struck a deal with its primary lender stipulating a court-supervised sale that must be finalized by mid-January. In court papers, Collective, which helps its customers manage digital advertising campaigns, listed total assets of about $40 million and total liabilities of about $23 million. Lawyers for the company have asked Judge Sean Lane to approve a $15 million lead bid from Zeta Global Holdings Corp., a marketing platform co-founded by former Apple Inc. Chief Executive John Sculley.
