SkyMall’s parent company files for bankruptcy

Xhibit Corp, which owns subsidiary SkyMall LLC – producers of the SkyMall in-flight catalogue – has filed for bankruptcy.t
tScott Wiley, CFO and Acting CEO of Xhibit, stated, “We are extremely disappointed in this result and are hopeful that SkyMall and the iconic ‘SkyMall’ brand find a home to continue to operate as SkyMall has for the last 25 years.”t
tThe debtors intend to promptly seek the necessary relief from the Bankruptcy Court to pay certain claims of employees as well as other claims to allow their business to continue under the direction of the debtors as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court, and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.t
tThe debtors also intend to seek approval from the Bankruptcy Court for a sale process to sell the SkyMall online retail business and substantially all other assets. The debtors have engaged CohnReznick Capital Market Securities, LLC to advise regarding the sale, subject to approval of the Bankruptcy Court.t

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