Case filing & court posture: Marin Software Incorporated filed a voluntary chapter 11 petition on July 1, 2025, in the District of Delaware (Case No. 25-11263). Dkt. 1 The case is assigned to Judge Laurie Selber Silverstein. The debtor is a San Francisco-based digital marketing software company that had been experiencing sustained revenue declines since 2016.
Liquidity & financing path: The debtor obtained a $1.2 million DIP credit facility from 5Y, LLC (a Kaxxa/ESW Capital affiliate) at 10% PIK interest, approved on an interim basis on July 3, 2025 Dkt. 28 and on a final basis on July 29, 2025. Dkt. 79
Restructuring outcome: The debtor pursued a pre-negotiated plan of reorganization with plan sponsor Kaxxa Holdings contributing $5.5 million to acquire substantially all assets. Dkt. 111 The Second Amended Combined Disclosure Statement and Plan was confirmed on August 29, 2025. Dkt. 121 All creditor classes were unimpaired with 100% recovery, and equity holders received pro rata distributions.
Plan effective date & post-confirmation: The plan became effective on September 5, 2025, just 66 days after the petition date. Dkt. 123 Armanino Advisory LLC serves as plan administrator.
Current status: The case remains open in post-confirmation administration. The plan administrator is actively resolving claims, including filing omnibus claims objections. Dkt. 170 No final decree has been entered.
