SAN MATEO, Calif., Nov. 8, 2020 /PRNewswire/ — CRED INC. announcedtodaythatit, along with allof its subsidiaries, has commenced a voluntary Chapter 11 case in the United States Bankruptcy Court for the District of Delaware to explore strategic alternatives, including, without limitation, the restructuring of its balance sheet or the sale of its business as a going concern, in a court-supervised process. The Cred technology platform has serviced customers in over 100 countries and Cred intends to use the Chapter 11 process in its attempt to maximize the value of its platform for its creditors.
In connection with the Chapter 11 filing, Cred has also appointed a new Independent Director to its Board, Grant Lyon, who will also serve as Ch…
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