Afiniti’s Chapter 15 case is closed after serving as the U.S. recognition proceeding for a Bermuda provisional liquidation and lender-backed restructuring, rather than as a standalone U.S. reorganization. The predictive-AI company entered the process with approximately $522 million of funded secured debt against an estimated going-concern enterprise value of $275 million to $350 million. Its difficulties followed an approaching June 2024 maturity, lower industry valuations and significant revenue reductions from key customers, leaving a consensual recapitalization as the principal restructuring path, according to the Afzal declarationDkt. 5.

Afiniti began restructuring discussions with its secured lenders in March 2024 and executed a restructuring support agreement on September 17. The company commenced a Bermuda winding-up proceeding the next day, and the Bermuda court appointed joint provisional liquidators to oversee the restructuring. Afiniti then filed its Delaware Chapter 15 petitionDkt. 1 on November 3, seeking U.S. recognition and assistance for that foreign proceeding.

The requested U.S. relief was designed to implement the Bermuda-sanctioned transaction: recognition of the foreign main proceeding and the provisional liquidators’ appointment, recognition of the sanction order, approval of a free-and-clear asset transfer, and procedures to close the Chapter 15 case once the transfer was completed, as described in the recognition and transfer declarationDkt. 5. The restructuring moved the operating assets into a recapitalized structure and shifted majority ownership to the secured lenders. With the Chapter 15 case closed and no further hearings listed, there are no remaining near-term U.S. bankruptcy milestones in the record provided.