December 15, 2017 Comments Off on CRE Data Firm Xceligent Files Chapter 7 Views: 3132 Connecticut, Missouri, National News, Northeast

CRE Data Firm Xceligent Files Chapter 7

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Xceligent’s parent company, London-based Daily Mail and General Trust plc, abruptly shuttered operations of the U.S. division and filed for chapter 7 bankruptcy liquidation. The roughly 250 employees of the Kansas City, MO-based commercial real estate data firm were notified Thursday of the decision, and were asked to immediately vacate.

Xceligent’s board decided to dissolve the company following a strategic review. The Daily Mail recently wrote down the value of Xceligent to zero, partly due to lower revenues following its expansion into New York and declining renewal rates. The decision to file bankruptcy also follows a year-long legal battle with CoStar Group Inc.

Xceligent’s assets will be distributed by a chapter 7 court-appointed trustee that will also assume responsibility for the litigation. Xceligent was a division of Stamford, CT-headquartered DMG Information.

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