Character.AI files Chapter 11; Disney is the $20M stalking-horse bidder

Character Technologies filed in Delaware (case 26-11603), listing estimated assets and liabilities of $50 to 100 million each, seeking a court-supervised sale by late November or early December while the platform keeps operating. Disney will pay $20 million for a non-exclusive perpetual license to certain IP and provide transition services.

Sources: Reuters; PYMNTS; Fast Company