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Posts tagged Chapter-11

Atari earns court approval to emerge from bankruptcy

Atari's Chapter 11 (reorganization) bankruptcy, announced in January and followed by auctions of its assets, is coming to its phoenix conclusion. The Wall Street Journal reports Atari has received court approval for its plan to rise from bankruptcy. The plan involves paying back the $3.8...

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Atari US secures $2 million in financing, prepares to sell assets

After declaring bankruptcy last month, the US branch of Atari has closed $2 million in debtor-in-possession financing. Another $3 million is expected once the credit documents are filed and subsequently approved by the court. The company will use the funds to finance its current operations while...

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Creditors, Trustee object to THQ sale conditions

Back when THQ filed for Chapter 11 bankruptcy last month, the plan was for the developer/publisher would be sold to Clearlake Capital Group in one big chunk within 30 days, preventing the need for layoffs and avoiding the need to split THQ's various franchises up and sell them a la carte. While...

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Unannounced THQ games from Vigil, Turtle Rock, more in bankruptcy filing

THQ's filing for chapter 11 bankruptcy includes a rundown of all of its current projects and lists a few unannounced games from Vigil Games, Turtle Rock, Relic Entertainment and Patrice Desilets, who is at THQ Montreal. Relic Entertainment is developing a project under a working title of "Atlas,"...

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Playlogic asks for mercy from court against creditors

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...

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Midway creditors accept $1 million payout

To settle the outstanding claims against former owner Sumner Redstone, Bloomberg is reporting that the creditors' committee of the defunct publisher Midway Games has agreed to a $1 million cash lump sum payout. It was previously reported that prior to the lump sum agreement, unsecured creditors...

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Stargate: Resistance developer files for Chapter 11 bankruptcy

Stargate Worlds and Stargate: Resistance developer Cheyenne Mountain Entertainment has suffered the slings and arrows of economic turmoil for months now, leading to a number of unflattering reports about the company's finances. However, it seems the studio is taking steps to get itself back on the...

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Feds and creditors decry Midway's 'key employee incentive plan'

Like flies to honey, Midway can't seem to stop attracting controversy as it attempts to stay afloat during its "planned" bankruptcy phase. This time around, the besieged developer is coming under fire from its creditors and the government committee overseeing its bankruptcy proceedings for...

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Dear former Midway employee asking about unpaid wages, here's your answer:

Let's start off by assuring you that if you're a current or ex-employee of a company sending us information: A) We won't reveal your name if you ask to stay anonymous; and B) You really should leave a working return email address. As to the matter at hand, we have received a request for legal...

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Midway files for Chapter 11

Midway has filed for Chapter 11 bankruptcy today, but, see, it's okay, because it's all part of the plan. Newly appointed CEO, Matt Booty, says filing for Chapter 11 was "a difficult but necessary decision." He also noted Midway has been "focused on realigning our operations and improving our...

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