Playlogic asks for mercy from court against creditors
8
Dutch publisher Playlogic (Fairytale Fights, Obscure: The Aftermath) has notified the US Securities and Exchange Commission that it has entered into "surseance van betaling," which is closely equivalent to the States' Chapter 11 bankruptcy. The company claims in the filing that "Tough market conditions, late payments by large customers and the delays in projects have forced the company to seek protection under the Dutch bankruptcy laws."
According to GI.biz, Playlogic is suing distribution partner Koch Media for €1.7 million ($2.2M) in unpaid bills as it continues hemorrhaging money, after recording a $20 million loss in its previous fiscal year. For a company that stated just yesterday that it wasn't bankrupt, it's amazing what a difference a day makes.
Reader Comments (8)
Posted: Jul 28th 2010 8:45PM MystileArmor said
For those who might be interested in what this "surseance van betaling" is, I translated some of the Dutch wikipedia site for those interested:
"Surseance van betaling" is the extension of payments. This is requested from a judge who will decide for how long the company or person in question can hold off on paying their creditors. This gives the company or person in question some time to sit around the table with the parties that are owed money to come up with some sort of payment plan or other options.
This is interesting to creditors (since they will see more of the money owed to them at some point), investors (their investment can grow in value), employees (they get to keep their jobs) and government (no loss of economical potential).
Reply
"Surseance van betaling" is the extension of payments. This is requested from a judge who will decide for how long the company or person in question can hold off on paying their creditors. This gives the company or person in question some time to sit around the table with the parties that are owed money to come up with some sort of payment plan or other options.
This is interesting to creditors (since they will see more of the money owed to them at some point), investors (their investment can grow in value), employees (they get to keep their jobs) and government (no loss of economical potential).
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