Wiser Solutions: $90M Crestline Credit-Bid Sale Drives Chapter 11

Wiser Solutions, Inc. filed a chapter 11 petition on April 27, 2026, in the U.S. Bankruptcy Court for the Northern District of Texas (Dallas Division), opening lead case 26-80002. Affiliates Brand Protection Agency, LLC, Blosm LLC (which filed one day earlier on April 26), RW3 Technologies, Inc., and Shelvspace, Inc. were jointly administered alongside the parent. The retail-intelligence software company entered chapter 11 with a Crestline-led $34.2 million debtor-in-possession facility and a $90 million credit-bid stalking horse from Crestline affiliate CL Mateo-A LLC, structured to drive a section 363 sale to closing within roughly 60 days of filing.

The first-day record reflects a Crestline-controlled case posture: the same lender complex serves as senior secured lender on a roughly $251 million prepetition facility, agent on a $34.2 million superpriority DIP, and beneficial owner of the stalking horse. Alternative Capital Investments SLP, appearing through McDermott Will & Emery, used the April 28 first-day hearing to flag the expedited 60-day timeline, the validity of the $251 million prepetition lien, and undisclosed conduct of former CEO Andrew Ballard as items warranting committee scrutiny before any final DIP or sale findings. The U.S. Trustee separately objected to the interim roll-up, which the court overruled in entering the Interim DIP Order authorizing a $7.6 million interim DIP draw.

Debtor(s)	Wiser Solutions, Inc. (5 jointly administered entities)
Court	U.S. Bankruptcy Court, Northern District of Texas (Dallas Division)
Case Number	26-80002
Petition Date	April 27, 2026
Judge	Hon. Scott W. Everett
Claims Agent	Epiq Corporate Restructuring, LLC
DIP Facility	$34.2 million Crestline-led superpriority facility ($11.4M new money + $22.8M roll-up); 20% PIK interest; 90-day maturity
Stalking Horse	CL Mateo-A LLC (Crestline affiliate); $90 million credit bid

Wiser SAS Integration Failure and the Seybold Judgment

Wiser Solutions, formerly Quad Analytix Inc., operates a software-as-a-service platform for retail and brand intelligence. Chief Restructuring Officer Donald Harer states in the First Day Declaration that the company raised approximately $540 million in equity and debt over its history, much of it deployed across acquisitions.

The First Day Declaration identifies three drivers of the filing. The acquired Wiser SAS software platform proved "unwieldy and expensive" to integrate with the legacy stack, requiring Wiser to operate the platforms in parallel. The company ran on a net negative cash flow basis for several months and required lender-funded bridge advances to meet obligations. In February 2026, William S. Seybold obtained a $15 million judgment against the debtors after a default on prepetition bridge loans.

In response, Crestline — as senior secured lender — required appointment of an independent financial advisor (Paladin Management) to oversee liquidity and develop a Transformation Plan. Under that plan, the debtors began non-core asset sales and a marketing process for non-debtor affiliates prepetition.

Crestline-Anchored Capital Structure

The debtors disclose three principal layers of funded indebtedness and preferred-share obligations as of the petition date, totaling approximately $563 million.

At the April 28 first-day hearing, Alternative Capital Investments SLP put the prepetition Crestline secured balance at "approximately $251 million," consistent with the figure in the First Day Declaration. That reconciliation matters because the proposed stalking horse credit bid is denominated by reference to the same Crestline obligations.

The top-20 unsecured list is dominated by individual investor and family-trust claims tied to bridge financings and preferred-stock-related obligations rather than a typical trade book. The largest is the William S. Seybold & Elizabeth C. Seybold Revocable Trust at $19,814,383.56, reflecting the February 2026 judgment. Other claims include Bruce Nagle ($3.30 million), Tom Steyer ($2.69 million), BairesDev LLC ($2.69 million — the only large trade vendor), VG Shelvspace, LLC ($1.33 million), Firetower Investments ($1.33 million), Paul B. Edgerley ($1.29 million), Joshua Bekenstein ($1.19 million), and Goodwin Procter LLP ($816,675.37).

Equity is fragmented. The First Day Declaration discloses that Figtree Partners LLC holds 31.75% of common and preferred stock, with the balance held by various investment funds, family trusts, and individuals and no other holder believed to own more than 5%. The declaration does not name a controlling private-equity sponsor.

DIP Financing and the $22.8 Million Roll-Up

The DIP Motion describes a Crestline-led superpriority facility sized at up to $34.2 million, comprising up to $11.4 million in new-money term loans plus $22.8 million in roll-up loans — $3.4 million at closing and $19.4 million on entry of the Final DIP Order. Interest is 20.0% per annum, payable as PIK, with a default rate of 22.0%. The maturity is the earliest of 90 days after the petition date, the filing of a motion to dismiss or convert, substantial consummation of a plan, acceleration on default, termination of the Stalking Horse APA, or consummation of the 363 sale. The facility carries a 2.00% upfront fee on new-money commitments, a 1.00% per annum unused commitment fee, and a $50,000 administrative agent fee.

The court entered the Interim DIP Order on April 28, 2026, authorizing an Interim Amount of $7.6 million ($4.2 million in new money plus a $3.4 million interim roll-up). The order primes prepetition liens under section 364(d), grants 364(c)(1) superpriority status, and preserves a Carve-Out for U.S. Trustee fees, a $50,000 chapter 7 trustee reserve, and budgeted estate-professional fees. Several lender protections were deferred to the May 20 final hearing, including the 506(c) surcharge waiver, the 552(b) "equities of the case" waiver, marshalling waivers, and any attachment of DIP liens to avoidance-action proceeds.

The U.S. Trustee objected to the $3.4 million interim roll-up at the first-day hearing. The court overruled, finding the roll-up "conservative" and necessary as a bridge facility that enabled the filing. Final approval of the larger $19.4 million roll-up depends on the May 20 order.

An official committee, once appointed, must challenge prepetition stipulations within the earlier of 60 days from appointment, 75 days after entry of the interim DIP order, or one business day before the sale hearing. Other parties in interest face the earlier of 75 days after the interim DIP order or one business day before the sale hearing. The sale hearing is proposed for June 23.

CL Mateo-A Stalking Horse and the $90 Million Credit Bid

The Bid Procedures Motion and accompanying Sale Motion frame the case as a stalking-horse-anchored section 363 sale of substantially all assets. The stalking horse is CL Mateo-A LLC, a Crestline affiliate, with consideration consisting of a $90 million credit bid — comprising the Crestline DIP Obligations and a portion of Crestline's prepetition obligations, less Acquired Subsidiary Accrued Taxes — plus assumption of liabilities including a $400,000 Cure Amount.

Bid protections are limited to a $250,000 expense reimbursement cap, with no cash break-up fee disclosed. Qualified bidders other than the stalking horse must post a cash deposit of 10% of the cash portion of their bid. The Bid Deadline is June 15, 2026 at 5:00 p.m. CT, the auction is scheduled for June 18, 2026 at 10:00 a.m. CT in a virtual format, and the sale hearing is proposed for June 23, 2026. The sale objection deadline is May 18, 2026. The same Crestline complex serves as DIP lender, prepetition senior agent, and beneficial owner of the stalking horse — a configuration Alternative Capital Investments has flagged for committee review.

Alternative Capital Investments Challenge and the Committee Window

Reuben E. Dizengoff of McDermott Will & Emery, appearing for Alternative Capital Investments SLP, did not formally object to entry of the interim DIP order at the April 28 hearing but reserved all rights for the May 20 final hearing. Three concerns were placed on the record. First, the 60-day case duration to sale closing is "expedited" and may not allow adequate marketing. Second, the validity and amount of the approximately $251 million prepetition Crestline secured facility should be scrutinized, particularly given that the same lender complex anchors the credit-bid stalking horse. Third, the first-day record omits material facts regarding the conduct of former CEO Andrew Ballard and the circumstances under which the debtors entered the prepetition bridge loans; an official creditors' committee should be appointed and given time to investigate before final DIP and sale findings.

Crestline Direct Finance L.P. appeared as DIP agent, prepetition agent, and stalking-horse-affiliate parent through Jones Day, with Gary L. Kaplan, S. Christopher Cundra, and Amanda Rush representing the lender. The U.S. Trustee did not object to the other first-day motions and supported the 30-day extension for the debtors' use of non-authorized depository institutions Northern Bank and Royal Bank of Canada.

Professional Retentions and Cross-Border Operations

The debtors retained Hogan Lovells (Todd M. Schwartz, Christopher R. Bryant, Danielle A. Ullo, Allison N. Bertolozzi, and Jacob T. Schwartz, admitted pro hac vice) as lead restructuring counsel, with Thompson Coburn LLP (Katharine Clark and Alexandra Rossetti) as Texas counsel. Donald Harer serves as Chief Restructuring Officer and signed the First Day Declaration. Crestline appointed Paladin Management as the prepetition independent financial advisor. The court approved Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent at the first-day hearing under the retention application.

Wiser's corporate group employs more than 300 people globally, with operations or subsidiaries in the United States, France, Germany, the United Kingdom, Mexico, India, Australia, and Canada. Wiser Solutions, Inc. itself has 64 full-time employees and 25 independent contractors and is the only debtor with active U.S. operations; it owns or controls 80% or more of each affiliated debtor. The DIP and cash-management framework authorize intercompany advances to non-debtor foreign subsidiaries.

The cases were jointly administered under lead case 26-80002 and designated complex chapter 11 cases by orders entered April 28, 2026.

Key Timeline

A Texas bankruptcy court gave interim approval to the $34.2 million DIP loan on April 28, freeing $4.2 million in new funds as the company targets a June 18 auction and a proposed June 23 sale hearing.

Frequently Asked Questions

Who is the claims agent for Wiser Solutions?

Epiq Corporate Restructuring, LLC serves as the claims, noticing, and solicitation agent. The firm maintains the official claims register and distributes case notifications to creditors and parties in interest under the retention order entered at the April 28 first-day hearing.

What is the structure of the proposed section 363 sale?

CL Mateo-A LLC, an affiliate of senior secured lender Crestline, is the stalking horse bidder with a $90 million credit bid comprising the DIP obligations and a portion of Crestline's prepetition claim, plus assumption of liabilities and a $400,000 cure amount. Bid protections are limited to a $250,000 expense reimbursement cap. The bid deadline is June 15, 2026, the auction is set for June 18, 2026, and the sale hearing is proposed for June 23, 2026.

What were the principal causes of the chapter 11 filing?

The First Day Declaration cites three drivers: an unsuccessful integration of the acquired Wiser SAS software platform with the legacy technology stack, several months of negative operating cash flow that required lender-funded bridge advances, and a February 2026 $15 million judgment obtained by William S. Seybold that created an imminent risk of asset seizure.

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