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NEWS
iLearningEngines Voluntarily Initiates Chapter 11 Proceedings
Monday, 23rd December at 8:00 am
BETHESDA, Md., Dec. 23, 2024 (GLOBE NEWSWIRE) -- iLearningEngines, Inc. (NASDAQ: AILE) ("iLearningEngines," "ILE" or the "Company"), a leader in AI-powered learning and work automation, today announced that on December 20, 2024 the Company voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware (the "Court").
The Company will seek Court approval to continue operating on a business as usual basis during the proceedings and intends to continue to provide support to its installed customer base that relies on its Applied AI platform to run their businesses.
"We appreciate the continued support of our customers, partners and employees, and our hope is that this process will put us in a better position to serve those stakeholders going forward, allowing for a stronger, more robust business over the long-term," said iLearningEngines Interim CEO Tom Olivier. "Since taking over as Interim CEO on December 5, 2024, I have met with a number of our distribution partners and customers. We will continue to work closely with them as we work through this process."
Monday, 23rd December at 8:00 am
BETHESDA, Md., Dec. 23, 2024 (GLOBE NEWSWIRE) -- iLearningEngines, Inc. (NASDAQ: AILE) ("iLearningEngines," "ILE" or the "Company"), a leader in AI-powered learning and work automation, today announced that on December 20, 2024 the Company voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware (the "Court").
The Company will seek Court approval to continue operating on a business as usual basis during the proceedings and intends to continue to provide support to its installed customer base that relies on its Applied AI platform to run their businesses.
"We appreciate the continued support of our customers, partners and employees, and our hope is that this process will put us in a better position to serve those stakeholders going forward, allowing for a stronger, more robust business over the long-term," said iLearningEngines Interim CEO Tom Olivier. "Since taking over as Interim CEO on December 5, 2024, I have met with a number of our distribution partners and customers. We will continue to work closely with them as we work through this process."
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Grrrrr : Chapter 11 is about bankruptcy?
Jaguar8 OP Grrrrr : Yes
Grrrrr Grrrrr : Thank you