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Posts tagged bankrupt

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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Rune Factory, Lufia developer Neverland Co. to file for bankruptcy

Rune Factory and Lufia series developer Neverland Co. has ceased operations and will file for bankruptcy soon, the studio revealed on its website. Siliconera reports that Neverland's statement cites recent "changes in the business environment" as one of the studio's difficulties. Attempts to...

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Blockbuster UK cuts 72 stores as search for buyer continues

Blockbuster UK faces 452 layoffs and 72 store closures, after company administrators announced "necessary" measures for the once-again bankrupt retail chain. Moorfield Corporate Recovery, the company tasked with finding another buyer for the struggling outlet, said it wasn't an easy decision to...

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Colonial Marines co-dev TimeGate files for bankruptcy protection

Section 8 developer and Aliens: Colonial Marines co-developer TimeGate Studios has filed for bankruptcy protection in the Texas Southern Bankruptcy Court, revealing that it owes its creditors between $10 million and $50 million in debt. Court documents note that TimeGate seeks protection from...

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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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Circuit City shorts out, files for bankruptcy protection

Circuit City, the second largest electronics retailer in the US, has filed for Chapter 11 bankruptcy protection. The company will close 155 stores and lay off 17% of its work force, which amounts to roughly 7300 jobs. GamePolitics notes that CC holds between 5-10% of the US video game market. How...

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Fury developer Auran shuts down

Fury developer Auran has reportedly entered voluntary administration after closing shop and laying employees off yesterday afternoon. Gamespot AU reports via an insider that the company will meet with creditors in a month to decide whether it will fully liquidate or restructure. Fury, which...

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