Bankruptcy: iLearningEngines, Inc.

Form Type: 8-K

Filing Date: 2025-03-10

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000121390025021871

Filing Summary: iLearningEngines, Inc. and its affiliates filed for Chapter 11 bankruptcy on March 6, 2025. The Bankruptcy Court approved the conversion of these cases to Chapter 7 on the same date. A Chapter 7 trustee has taken control of the company, removing the authority of the Board of Directors and executive officers. The Chapter 7 cases are jointly administered under In re iLearningEngines, Inc., Case No. 24-12826. Due to the bankruptcy situation, trading in the company's securities is highly speculative and poses significant risks, with potential for complete loss of investment as the Chapter 7 process unfolds.

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Form Type: 8-K

Filing Date: 2025-02-19

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000121390025015331

Filing Summary: On February 12, 2025, iLearningEngines, Inc. appointed Bonnie-Jeanne Gerety as Interim Chief Executive Officer, while Thomas Oliver stepped down to become Chief Business Officer. A significant development occurred on February 14, 2025, when the Board terminated all employees, including executive officers, due to ongoing bankruptcy proceedings. iLearningEngines and its affiliates have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware, allowing them to operate as 'debtors-in-possession'. The company cautioned that trading in its securities during the bankruptcy is speculative and risky, with potential for significant loss to shareholders. The report also highlights that the former auditor resigned effective February 13, 2025, with no disagreements noted prior to that resignation regarding financial practices, although material weaknesses were identified in internal controls during the audit process.

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Form Type: 8-K

Filing Date: 2025-01-17

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390025004620

Filing Summary: iLearningEngines, Inc. along with its affiliated entities have filed voluntary petitions for relief under Chapter 11. They continue operating as debtors-in-possession under the jurisdiction of the Bankruptcy Court in Delaware. A hearing was held on January 13, 2025, where the court ruled on motions allowing the company to use cash collateral, pay employee obligations, maintain existing bank accounts and insurance, and retain claims agents. The company cautions that trading in its securities is highly speculative due to the bankruptcy proceedings, which may result in significant losses for shareholders. The report includes forward-looking statements regarding the actions during the Chapter 11 proceedings and emphasizes the uncertainties surrounding the company’s ability to operate and recover from bankruptcy.

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Form Type: 8-K

Filing Date: 2025-01-13

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000121390025002841

Filing Summary: On December 20, 2024, iLearningEngines, Inc. and its associated entities filed voluntary petitions for relief under Chapter 11 in the U.S. Bankruptcy Court for Delaware. The company continues to operate as debtors-in-possession. A hearing regarding the Chapter 11 Cases is planned for January 13, 2025, where motions for cash collateral use, employee obligations payment, and the retention of claims and noticing agents will be addressed. Additionally, an engagement agreement was formed with CR3 Partners, LLC for a Chief Restructuring Officer to oversee bankruptcy proceedings and related financial reporting. The Company cautions that trading in its securities is speculative during this bankruptcy process, which could lead to substantial losses for shareholders.

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Form Type: 8-K

Filing Date: 2025-01-03

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390025000828

Filing Summary: iLearningEngines, Inc. and its affiliated entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on December 20, 2024. The cases are jointly administered in the Bankruptcy Court for the District of Delaware, and the company is continuing to operate as 'debtors-in-possession.' They sought approval for 'first day' motions to ensure business operations can continue during the bankruptcy process, including paying pre-petition employee obligations. A hearing on these motions was conducted on December 30, 2024, and subsequent relief was granted. Additionally, on December 23, 2024, iLearningEngines received a notice from Nasdaq regarding delisting due to its Chapter 11 filing. The trading of the company’s common stock and warrants was suspended starting January 2, 2025, following which they expect to be quoted on the OTC Pink Market under new symbols. The document also includes caution regarding trading the company’s securities during this period, indicating potential complete loss for shareholders depending on the bankruptcy outcome.

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Form Type: 8-K

Filing Date: 2024-12-27

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390024112871

Filing Summary: On December 23, 2024, iLearningEngines, Inc. announced that it had filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Following this announcement, the Nasdaq Stock Market notified the Company that it would be delisting the Company's securities, with trading expected to be suspended on January 2, 2025. The Company has the option to appeal this decision, and is currently considering whether to pursue an appeal. Additionally, all five Executives of the Company were placed on administrative leave prior to their resignations on December 23, 2024, and ongoing investigations by the SEC and DOJ are underway. The Company cautioned that trading in its securities poses substantial risks due to the implications of the Chapter 11 filing and potential loss for shareholders.

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Form Type: 8-K

Filing Date: 2024-12-23

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390024111529

Filing Summary: On December 20, 2024, iLearningEngines, Inc. and its affiliated entity, iLearningEngines Holdings, Inc., filed a voluntary petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The Debtors are operating as 'debtors-in-possession' under the Bankruptcy Court's jurisdiction. The bankruptcy case is captioned In re iLearningEngines, Inc., Case No. 24-12826. As of the filing date, approximately $54 million was outstanding under the East West Bank Revolving Facility, indicating significant financial obligations. A press release related to this Chapter 11 case was issued on December 23, 2024. The company warns that trading of its securities during the bankruptcy proceedings poses substantial risks, with a potential significant loss for shareholders. Current uncertainties include the outcome of the bankruptcy process and the company's ability to execute a plan of reorganization.

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