NEW YORK, NEW YORK (PRWEB) June 15, 2012
Atrinsic, Inc. (PINK: ATRN) today announced that it has filed for protection under Chapter 11 of the Bankruptcy Code in the United States District Court for the Southern District of New York, Manhattan Division, under Case No. 12-12553.
The filing was precipitated by the cessation of direct-to-consumer subscription products and Internet search-marketing agency businesses, coupled with the Company's inability to raise additional working capital or financing.
The Company, just prior to the Chapter 11 filing, entered into a Plan Support Agreement with its senior lenders which will result in the filing of a plan of reorganization, on or before June 30, 2012. Such plan contemplates a redistribution of the assets and equity to creditors and existing equity holders.
The Company is represented by Jonathan Pasternak and Erica Feynman of the law firm, Rattet Pasternak, LLP based in Harrison, New York.
Jonathan S. Pasternak, Esq.
Rattet Pasternak, LLP