Privately-held Cambridge Analytica and affiliated Debtors filed for Chapter 7 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 18-11500. The Company, which provides data analytics and behavioral communications, is represented by Adam C. Harris of Schulte Roth & Zabel.
In a May 2, 2018 statement released in conjunction with the announcement of UK insolvency proceedings and specifically anticipating the parallel US proceedings announced today, the Company stated: “Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the Company’s efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas…. Despite Cambridge Analytica’s unwavering confidence that its employees have acted ethically and lawfully … the siege of media coverage has driven away virtually all of the Company’s customers and suppliers. As a result, it has been determined that it is no longer viable to continue operating the business…”
Cambridge Analytica’s petition, signed by Rebekah and Jennifer Mercer, notes between 1 and 49 creditors; estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Cambridge Analytica has further provided a list of its 30 largest unsecured creditors including LAZ Parking, Mountain Valley Water and the U.S. Securities and Exchange Commission.
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