(RTTNews) - DigitalTown, Inc. has filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Minnesota, St. Paul Division. DigitalTown said the company's approach to leveraging the benefits of Chapter 11 allows it to emerge with a healthy balance sheet and reorganize debt, while ensuring existing shareholders retain their equity stakes.
"After careful consideration of all challenges and alternatives, we firmly believe that our Chapter 11 process represents the best long-term solution for DigitalTown to address its legal and liquidity challenges and to strengthen its operations for future growth and profitability," said Sam Ciacco, CEO.
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