Afiniti Files for Chapter 15 Bankruptcy in the US: What’s Next for the AI Customer Experience Vendor?
It’s a tough day for Afiniti as the AI customer experience vendor has filed for Chapter 15 bankruptcy in the US. With $580 million in liabilities, the Bermuda-based company is looking to protect its business while it figures out how to pay back its debts both in the US and elsewhere.
Chapter 15 bankruptcy allows Afiniti to shield its American assets while negotiating with US courts. The company confirmed the filing on its website, stating that it is taking steps towards balance sheet restructuring and recapitalization. CEO Hassan Afzal expressed gratitude towards lenders and employees for their support during this challenging time.
However, not everyone is sympathetic towards Afiniti’s situation. NICE’s VP of Product Marketing, Andrew Traba, criticized the company, calling it a “fake AI” provider that prioritizes flashy demos over tangible results. In response, Laurent Philonenko of DeepTech Group defended Afiniti, citing the impact of generative AI on the company’s business.
Despite the challenges, there may be hope for Afiniti to bounce back. Other companies like Avaya and Lifesize have successfully navigated bankruptcy proceedings and emerged stronger. With the right strategy and support, Afiniti could potentially turn things around.
While the road ahead may be tough, it’s not impossible for Afiniti to recover from this setback. As the company navigates the restructuring process, it will be interesting to see how it adapts to the changing landscape of the CX industry and emerges stronger on the other side.
