Bankrupt Clearwater marketing firm secures $122M in financing

Clearwater advertising firm Digital Media Solutions has filed for Chapter 11 bankruptcy and has secured $122 million in financing as part of a process that will include a sale of the company.

In a note to investors Thursday, the company says it has already entered into an “asset purchase agreement” with lenders that “is subject to higher or otherwise better offers.”

The $122 million is debtor-in-possession financing that will be used to continue operating through the sale process. That money comes from existing lenders, with $30 million in new commitments and $92 million pre-petition funded debt, the company says.