(Bloomberg) -- Near Intelligence Inc., a publicly traded software firm that provides data insights to major companies including Wendy’s Co. and Ford Motor Co., filed for bankruptcy on Friday with plans to sell itself.
The Pasadena, California-based company listed estimated assets of at least $50 million and liabilities of $100 million, according to court papers. The bankruptcy filing lets Near Intelligence continue operating while it pursues a court-supervised sales process, according to a statement.
Blue Torch Capital, a private credit firm that focuses on middle-market companies, has provided an opening offer of at least $50 million for its assets. Blue Torch Finance will lend the company $16 million to help it keep operating, the statement said.
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Near Intelligence went public less than a year ago, in March, when it combined with a special purpose acquisition company, according to a statement at the time. Several companies that went public by merging with SPACs have gone bust this year, with Near Intelligence only the latest victim.
The case is Near Intelligence Inc., 23-11962, US Bankruptcy Court for the District of Delaware.
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