Character.ai Initiates Voluntary Chapter 11 Proceeding to Facilitate Value-Maximizing Sale Process

Character Technologies Inc. filed voluntary Chapter 11 in Delaware on October 12, 2026 to sell substantially all assets. Disney Worldwide Services is stalking-horse bidder for $20 M n o n - e x c l u s i v e p er p e t u a l l i ce n se t ose l ec t e d I P an d cer t ain c l aim s — n o tt h eco n s u m er pl a t f or m, b r an d, u ser d a t a, or f ini s h e d m o d e l s . D i s n ey p r o v i d es t r an s i t i o n ser v i ces u s in g f or m er C ha r a c t er . ai e m pl oy ees (in c l u d in g e x - C E O K a r an d ee p A nan d, n o w D i s n ey C T O) . P l a t f or m co n t in u eso p er a t in g d u r in g s a l e; bi d s d u e N o v e mb er 20, 2026; a u c t i o n / h e a r in g l a t e N o v e mb er; es t ima t e d l iabi l i t i es$ 50M–$100M. Company warns platform may wind down if no viable operating buyer emerges.

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Character.ai Initiates Voluntary Chapter 11 Proceeding to Facilitate Value-Maximizing Sale Process

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