AN Global is in a postpetition case posture with no supported plan or sale outcome in the provided record, and the live case signal is claims and fee administration following a filing that was driven by liquidity failure, lender defaults, and a disputed Mexican tax exposure.
The debtor filed chapter 11 in Delaware on August 28, 2023, after a tightening liquidity position left it unable to carry an extended out-of-court process. The business entered the case as a digital transformation services provider with operations across the United States, Mexico, Argentina, Brazil, Costa Rica, and Spain, but its restructuring pressure came from a combination of covenant and payment defaults under its funded debt stack and Mexican tax assessments exceeding $200 million that the debtor disputed and said had chilled sale interest. By the petition date, the company reported about $2.87 million of cash, roughly $110 million of financial debt, and potential consolidated obligations above $340 million if the disputed tax assessment were included, as described in the Feltman First Day DeclarationDkt. 13.
The capital structure was led by Blue Torch Finance LLC as first-lien lender, with prepetition first-lien debt secured by substantially all tangible and intangible assets of the covered obligors, plus second-lien debt, subordinated debt, and PPP loans behind it. The same first-day declaration describes a compressed path centered on debtor-in-possession financing from Blue Torch and a stalking-horse credit bid by the first-lien lenders, with DIP financing of approximately $118.6 million, including about $22.7 million of new-money term loans and about $95.9 million of roll-up loans, intended to fund payroll, preserve operations, and support a sale process targeted for completion within roughly 90 days of the petition date through the .
The remaining sourced posture is administrative rather than strategic: the claims register reflected 13 claims, including three secured claims totaling about $131.7 million and ten unsecured claims totaling about $13.7 million, while the only near-term calendar items in the supplied record were a March 31, 2026 fee-application hearing that was cancelled and a same-day omnibus hearing marked past unresolved.
