Troika is now in post-plan claims administration, with META Advisors LLC as Plan Administrator pressing omnibus claim objections rather than pursuing an operating reorganization; the latest scheduled matter was the Plan Administrator’s uncontested sixth omnibus objection to amended, duplicate, late-filed, unliquidated, misclassified, no-liability, and subordinated claims at a May 28, 2026 hearing noticed in the May 28 hearing agendaDkt. 430.
The case began on December 7, 2023, when Troika Media Group and affiliated debtors filed chapter 11 after the March 2022 acquisition of Converge Direct left the public media-advertising business with a leveraged capital structure, integration problems, management turnover, escrow disputes, covenant pressure, and missed payments to Blue Torch. The first-day declaration described approximately $130.7 million of liabilities against $86.5 million of assets, a $75 million Blue Torch-financed acquisition, and an intended section 363(k) sale path to the prepetition secured lenders supported by $11 million of DIP financing to preserve operations during the case through a January 2024 bid and sale process timeline in the Lyon first-day declarationDkt. 11.
By February 2024, the restructuring path had shifted into a liquidation framework. The debtors filed a joint chapter 11 plan of liquidation that contemplated a five-class structure and appointment of a plan administrator to monetize remaining assets and resolve claims, while the corrected disclosure statement described settlements among the debtors, the creditors’ committee, and Blue Torch, creation of a litigation trust, and projected general unsecured recoveries of 6.7% to 10% from roughly $500,000 of net available cash in the . The live case posture is therefore claims reconciliation and residual estate administration, with the near-term docket focused on omnibus claim cleanup rather than a going-concern sale or standalone emergence.
