A company specializing in T-commerce, which entails enabling consumers to buy products they see on TV screens, has filed for Chapter 11.

Delivery Agent is seeking bankruptcy protection after an apparent failed bid for an initial public offering. The strategy is aimed at finding a buyer for the San Francisco-based company, which won’t cease operations.

Delivery Agent counts dozens of  TV networks and pay-TV services as its clients, which looked to the company to help create a new revenue stream by empowering viewers to buy merchandise related to what they are watching.

“This is a very positive development for our company and our customers,” said Delivery Agent CEO Mike Fitzsimmons in a statement. “Through these proceedings we’re initiating a process that preserves company value, allows the company to reorganize its business affairs, and establishes a necessary foundation for future growth and profitability.”

Hillair Capital Investments has already emerged as a potential suitor in a bankruptcy auction, according to The Wall Street Journal, which reported that Delivery Agent has $65 million in unsecured debt on its balance sheet.

The company disclosed in May that its T-commerce platform, ShopTV, was embedded in 50 million devices from manufacturers including Sony, Roku, Samsung and LG. Among the company’s media clients include Fox, CBS, HBO, Showtime and Discovery.