Joystiq http://www.joystiq.com Joystiq http://www.blogsmithmedia.com/http://www.joystiq.com/media/feedlogo.gif Joystiq http://www.joystiq.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Awesomenauts to launch as planned on PSN tomorrow, XBLA naut known [Update: XBLA now known!]]]>http://www.joystiq.com/2012/04/30/awesomenauts-to-launch-as-planned-on-psn-tomorrow-xbla-naut-kno/http://www.joystiq.com/2012/04/30/awesomenauts-to-launch-as-planned-on-psn-tomorrow-xbla-naut-kno/http://www.joystiq.com/2012/04/30/awesomenauts-to-launch-as-planned-on-psn-tomorrow-xbla-naut-kno/#comments ImageAwesomenauts will launch as scheduled on PSN in North America tomorrow, Sony announced via Twitter today. The future of Awesomenauts was thrown into disarray yesterday when news broke that its publisher, dtp entertainment, had filed for insolvency. Developer Ronimo said it was working with dtp to get Awesomenauts published.

Awesomenauts will be free for PS Plus subscribers, Sony said. It was scheduled to launch on XBLA on May 2, but that release is still unconfirmed. We've contacted Microsoft for clarification.

Update: Ronimo has confirmed to Joystiq that Awesomenauts will launch as scheduled on XBLA, on May 2. Microsoft has yet to respond, but this is heartening news for potential Awesomenauts fans everywhere.

JoystiqAwesomenauts to launch as planned on PSN tomorrow, XBLA naut known [Update: XBLA now known!] originally appeared on Joystiq on Mon, 30 Apr 2012 15:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>awesomenautsbankruptcydtp-entertainmentinsolvencylaunchmicrosoftplaystationps3Publishingreleaseronimo-gamesxboxMon, 30 Apr 2012 15:00:00 EST<![CDATA[Awesomenauts may not launch as planned, publisher files for insolvency]]>http://www.joystiq.com/2012/04/29/awesomenauts-may-not-launch-as-planned-publisher-files-for-inso/http://www.joystiq.com/2012/04/29/awesomenauts-may-not-launch-as-planned-publisher-files-for-inso/http://www.joystiq.com/2012/04/29/awesomenauts-may-not-launch-as-planned-publisher-files-for-inso/#comments ImageThe German publisher of Awesomenauts, dtp entertainment, filed for insolvency today, potentially stopping the game's XBLA and PSN launch on May 2. Developer Ronimo Games isn't sure what dtp's financial problems mean for Awesomenauts, but both companies are attempting to work out a resolution that gets the game published, IGN reports.

"Insolvency" is the European equivalent of bankruptcy and dtp now faces liquidating or reorganizing its assets, IGN writes. We've contacted Ronimo for comment about dtp's insolvency and the status of Awesomenauts.

JoystiqAwesomenauts may not launch as planned, publisher files for insolvency originally appeared on Joystiq on Sun, 29 Apr 2012 14:38:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>awesomenautsbankruptcymicrosoftplaystationps3ronimo-gamesxboxSun, 29 Apr 2012 14:38:00 EST<![CDATA[Investment company buys Game, halting closures, firings, bankruptcy]]>http://www.joystiq.com/2012/04/01/investment-company-buys-game-halting-closures-firings-bankrup/http://www.joystiq.com/2012/04/01/investment-company-buys-game-halting-closures-firings-bankrup/http://www.joystiq.com/2012/04/01/investment-company-buys-game-halting-closures-firings-bankrup/#comments This has been a quick time coming -- Game, the UK games retailer, slipped into a downward spiral early this year, and since the first public announcement of its money troubles in February, Game has closed almost 300 stores, stopped stocking major titles, cut 40 percent of its workforce and entered "administration," the equivalent of filing for bankruptcy.

The best outcome of these events would be for someone to step in and buy Game outright -- which is exactly what happened. Private investment company OpCapita's Baker Acquisitions Unlimited has purchased Game, bringing it out of administration and saving 3,200 jobs across a remaining 333 stores and administrative positions, Eurogamer reports.

Baker will provide Game with "the capital it needs to trade on a normalised basis" and will re-hire a small number of people fired from the Game head office last week. There are no plans to close more stores in the future, Baker said.

Game may have been bought for £1, after paying off an £85 million debt to Game's lenders, Eurogamer said.

JoystiqInvestment company buys Game, halting closures, firings, bankruptcy originally appeared on Joystiq on Sun, 01 Apr 2012 20:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>3dsadministrationBaker-Acquisitions-Unlimitedbankruptcyboughtdsgamemicrosoftnintendoplaystationplaystation-vitaps3pspretailersonystorevitawiixboxSun, 01 Apr 2012 20:00:00 EST<![CDATA[Fallout Online's future in doubt as Interplay crumbles]]>http://www.joystiq.com/2011/05/31/fallout-onlines-future-in-doubt-as-interplay-crumbles/http://www.joystiq.com/2011/05/31/fallout-onlines-future-in-doubt-as-interplay-crumbles/http://www.joystiq.com/2011/05/31/fallout-onlines-future-in-doubt-as-interplay-crumbles/#comments Fallout Online and several other Interplay-developed titles may be in serious jeopardy, according to a US Securities and Exchange Commission report filed by Interplay last week. Develop discovered the filing, which spells out dire financial concerns for the immediate future of the company. Multiple times, the report states:

"If we do not receive sufficient financing or income we may (i) liquidate assets, (ii) sell the company (iii) seek protection from our creditors including the filing of voluntary bankruptcy or being the subject of involuntary bankruptcy, and/or (iv) continue operations, but incur material harm to our business, operations or financial conditions. These conditions, combined with our historical operating losses and our deficits in stockholders' equity and working capital, raise substantial doubt about our ability to continue as a going concern."

Similarly worrying, the company's current cash balance is approximately $3,000 (yes, that's just three thousand dollars, seriously), and it's operating with nearly $2.9 million in debt. The filing also illuminates the company's shift from paying its developers upfront for projects to working on a "net revenue sharing model," where devs get a cut of the final sales rather than paid when their work is complete. While that model sounds hugely profitable for third-party devs, and has been sporadically successful in the movie business, it seems to signal something less than wonderful in Interplay's case.

Additionally, the company's credit agreement has ended, which Interplay says "has resulted in a substantial reduction in the cash available to finance our operations." Rather than assure investors that everything will work out, the company again warns of potential negative outcomes, saying instead, "There can be no assurance that we will be able to enter into a new credit agreement or that if we do enter into a new credit agreement, it will be on terms favorable to us."

Currently, Interplay has five known projects, ranging from a lawsuit-entangled Fallout MMO to a sparsely detailed Earthworm Jim sequel. Several WiiWare and DSiWare projects are also in the works, though the fate of all five games could be grim given the wording of the company's SEC filing.

JoystiqFallout Online's future in doubt as Interplay crumbles originally appeared on Joystiq on Tue, 31 May 2011 14:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcybusinessdsiwareearthworm-jim-4fallout-onlinefinancialinterplaymdk-2pcsecsecurities-and-exchange-commissionwiiwareTue, 31 May 2011 14:50:00 EST<![CDATA[JoWooD recovery plan breaks down, closure appears imminent]]>http://www.joystiq.com/2011/04/21/jowood-recovery-plan-breaks-down-closure-appears-imminent/http://www.joystiq.com/2011/04/21/jowood-recovery-plan-breaks-down-closure-appears-imminent/http://www.joystiq.com/2011/04/21/jowood-recovery-plan-breaks-down-closure-appears-imminent/#comments Austrian game publisher JoWooD Entertainment has reached "game over," according to Austrian news site Boerse-Express. Negotiations with potential investors to recapitalize the debt-ridden publisher have fallen apart, signaling that the end is near. In order to pay back creditors, Game Informer notes, JoWooD could now attempt to sell off its game properties (recalling Midway's last gasp).

A companion report on Boerse-Express adds that shares of the company have been suspended from trading and that the JoWooD Distribution Services subsidiary has also filed for bankruptcy. It's as yet unknown what will happen to DreamCatcher, JoWooD's Toronto-based subsidiary in charge of North American publishing operations.

In early January, JoWooD filed for bankruptcy and announced plans to pursue capital reorganization. "The management board assumes that negotiations with creditors and possible investors can be positively conducted and finalized within 90 days," the company said at the time, "and thus continuation of the company can be assured."

JoWooD was founded in 1995. The company is best known for publishing the Gothic series, in addition to the Painkiller and Spellforce games. JoWooD also published Torchlight in European territories. According to Boerse-Express, the company employs about 85 staff. In the first nine months of the current fiscal year, JoWooD reported a net loss of €25 million (about $36 million).

[Pictured: Painkiller: Redemption (2011)]

JoystiqJoWooD recovery plan breaks down, closure appears imminent originally appeared on Joystiq on Thu, 21 Apr 2011 23:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcyinsolvencyjowoodpcThu, 21 Apr 2011 23:00:00 EST<![CDATA[Judge rules against Hawkins personal bankruptcy, EA founder still owes millions in taxes]]>http://www.joystiq.com/2011/03/28/judge-rules-against-hawkins-personal-bankruptcy-ea-founder-stil/http://www.joystiq.com/2011/03/28/judge-rules-against-hawkins-personal-bankruptcy-ea-founder-stil/http://www.joystiq.com/2011/03/28/judge-rules-against-hawkins-personal-bankruptcy-ea-founder-stil/#comments A reading from Forbes on the prophet Trip Hawkins:

And lo, the San Francisco federal judge saw through the abusive tax shelters Hawkins used to hide millions in profits from his Electronic Arts days and declared them bad. Smiting a declaration of personal bankruptcy, the judge believed that Hawkins should give unto the government the estimated $20 million or more in federal and California state taxes he is in arrears to.

The 16-page opinion by US District Judge Jeffrey S. White pointed out that Hawkins "continued to spend money extravagantly with knowledge or his tax liabilities" and that he "planned to defeat his taxes via bankruptcy and continue living the lifestyle to which he had grown accustomed."

General rule: Pay your taxes. It's what did in Capone. Better rule: When the government is on your butt about tax evasion, it's best not to play it like Hawkins and purchase a $70,000 car ... especially when it's your fourth automobile in a two-driver household.

[Image credit: AlanCleaver_2000]

JoystiqJudge rules against Hawkins personal bankruptcy, EA founder still owes millions in taxes originally appeared on Joystiq on Mon, 28 Mar 2011 20:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcyirslegaltax-evasiontaxestrip-hawkinsMon, 28 Mar 2011 20:30:00 EST<![CDATA[APB developer Realtime Worlds entering administration]]>http://www.joystiq.com/2010/08/17/apb-developer-realtime-worlds-entering-administration/http://www.joystiq.com/2010/08/17/apb-developer-realtime-worlds-entering-administration/http://www.joystiq.com/2010/08/17/apb-developer-realtime-worlds-entering-administration/#commentsFiled under: , ,

Things weren't looking great for APB and Crackdown developer Realtime Worlds last week, as the company underwent some layoffs in the "Art, Audio, Coding, Design, Production, and QA departments." According to GamesIndustry, things didn't improve over the weekend: Realtime Worlds is reportedly entering administration, a status somewhat similar to a U.S. company's decision to file for Chapter 11 bankruptcy.

The Scottish developer has named the Begbies Traynor Group as its administrator -- a third-party who attempts to rescue an insolvent company while still acting in the interests of its creditors. Much like with bankruptcy, this move isn't exactly a nail in the developer's coffin, but it could mean some radical reorganization is right around the corner.

JoystiqAPB developer Realtime Worlds entering administration originally appeared on Joystiq on Tue, 17 Aug 2010 12:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>administrationAPBbankruptcypcrealtime-worldsscotlandukTue, 17 Aug 2010 12:30:00 EST<![CDATA[Playlogic asks for mercy from court against creditors]]>http://www.joystiq.com/2010/07/28/playlogic-asks-for-mercy-from-court-against-creditors/http://www.joystiq.com/2010/07/28/playlogic-asks-for-mercy-from-court-against-creditors/http://www.joystiq.com/2010/07/28/playlogic-asks-for-mercy-from-court-against-creditors/#commentsFiled under: , ,

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.

JoystiqPlaylogic asks for mercy from court against creditors originally appeared on Joystiq on Wed, 28 Jul 2010 20:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BankruptbankruptcybusinessChapter-11Koch-mediaPlaylogicWed, 28 Jul 2010 20:00:00 EST<![CDATA[Midway liquidation plan approved by court]]>http://www.joystiq.com/2010/05/23/midway-liquidation-plan-approved-by-court/http://www.joystiq.com/2010/05/23/midway-liquidation-plan-approved-by-court/http://www.joystiq.com/2010/05/23/midway-liquidation-plan-approved-by-court/#comments The last shreds of the former developer known as Midway will soon be dissolved into the ether, as a Delaware court has agreed to the terms of the company's plan to repay a portion of its debts. Businessweek reports that after liquidating all its assets, Midway will distribute about $25.5 million to unsecured noteholders, which is about 16.5 percent of what those noteholders are owed. Unsecured creditors will get $9.2 million, which is around one-quarter of what Midway owes them.

So, now that all of its assets either belong to Warner Bros. or are being hocked to repay lenders, we think we've probably seen the last of the once great Midway empire. Unless one of you guys feels like giving them like, $600 million. C'mon, there's gotta be at least one obscenely rich, completely obsessed Mortal Kombat fan out there.

[Via Kotaku]

JoystiqMidway liquidation plan approved by court originally appeared on Joystiq on Sun, 23 May 2010 22:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybusinessclosurecourtindustrylegalliquidationmidwaySun, 23 May 2010 22:00:00 EST<![CDATA[WSJ: GameCrazy officially shuttered in US alongside Hollywood Video]]>http://www.joystiq.com/2010/05/03/wsj-gamecrazy-officially-shuttered-in-us-alongside-hollywood-vi/http://www.joystiq.com/2010/05/03/wsj-gamecrazy-officially-shuttered-in-us-alongside-hollywood-vi/http://www.joystiq.com/2010/05/03/wsj-gamecrazy-officially-shuttered-in-us-alongside-hollywood-vi/#comments GameCrazy's parent company Movie Gallery Inc. is said to be shuttering the approximately 250 remaining GC stores across the United States, alongside 2,165 Movie Gallery and Hollywood Video outlets. Roughly 19,000 people are estimated to be out of work due to the closures, according to a Wall Street Journal report, and the company is said to be filing for Chapter 7 bankruptcy.

People "familiar with the matter" told the WSJ that the chain considered "reorganizing around smaller core stores" before filing for bankruptcy, but the idea "never got any traction." It also appears that the 184 or so Canadian outlets will remain unaffected, but we've heard nothing official yet. Reportedly, the US stores will begin liquidation "over the next couple of months" until inventories run dry, mirroring the murmurs we heard this past weekend.

While the reality that GameCrazy is suffering this fate certainly appears likely (our tips box seems to corroborate the information), we should note that Movie Gallery Inc. has yet to issue any formal statement regarding the allegations. Our calls to GameCrazy corporate have similarly gone unanswered. If you are a GameCrazy, Hollywood Video, or Movie Gallery employee with any form of official documentation on this subject, we'd love to hear from you.

[Via GameSpot]

JoystiqWSJ: GameCrazy officially shuttered in US alongside Hollywood Video originally appeared on Joystiq on Mon, 03 May 2010 15:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcychapter-7gamecrazyhollywood-videolayoffsmovie-gallerywall-street-journalMon, 03 May 2010 15:30:00 EST<![CDATA[Little King's Story, Hotel Dusk developer Cing files for bankruptcy]]>http://www.joystiq.com/2010/03/07/little-kings-story-hotel-dusk-developer-cing-files-for-bankrup/http://www.joystiq.com/2010/03/07/little-kings-story-hotel-dusk-developer-cing-files-for-bankrup/http://www.joystiq.com/2010/03/07/little-kings-story-hotel-dusk-developer-cing-files-for-bankrup/#comments Well, this is about as far from how we wanted to start out the week as humanly possible -- a Japanese news site called Data-Max reports that Cing, developer of precious gems such as Hotel Dusk and Little King's Story, has filed for bankruptcy, suffering liabilities of 256 million yen.

It really sucks when a developer has to take such desperate measures to deal with its economic hardships, but it double-sucks when one of said developer's games -- in this case, Hotel Dusk sequel Last Window -- is still due for an American localization. Here's hoping Cing can recover from what's proven to be one of the most painfully slow sales seasons for the company to date.

[Via NeoGAF]

JoystiqLittle King's Story, Hotel Dusk developer Cing files for bankruptcy originally appeared on Joystiq on Sun, 07 Mar 2010 17:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcycingfinancialhotel-duskjapanlast-windowlittle-kings-storySun, 07 Mar 2010 17:30:00 EST<![CDATA[Stargate: Resistance developer files for Chapter 11 bankruptcy]]>http://www.joystiq.com/2010/02/20/stargate-resistance-developer-files-for-chapter-11-bankruptcy/http://www.joystiq.com/2010/02/20/stargate-resistance-developer-files-for-chapter-11-bankruptcy/http://www.joystiq.com/2010/02/20/stargate-resistance-developer-files-for-chapter-11-bankruptcy/#comments 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 right track: A representative for Cheyenne recently announced on its official forums that the developer has filed for Chapter 11 bankruptcy.

In the aforementioned forum post, the representative assured fans of the Stargate games that, should the bankruptcy filing be approved, that the company won't simply shut down while it restructures. He explained, "our entire staff is in-house working on upgrades and expansions for Stargate: Resistance, and we continue to be motivated and excited by the response we've received from our customers." We wish everyone the best of luck with turning the good ship Cheyenne back into more prosperous waters.

JoystiqStargate: Resistance developer files for Chapter 11 bankruptcy originally appeared on Joystiq on Sat, 20 Feb 2010 15:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybusinesschapter-11cheyenne-mountain-entertainmentfinancefireskymmommorpgstargate-resistancestargate-worldSat, 20 Feb 2010 15:30:00 EST<![CDATA[Game Crazy parent files for bankruptcy, 250 stores to remain]]>http://www.joystiq.com/2010/02/03/game-crazy-parent-files-for-chapter-11-250-stores-to-remain/http://www.joystiq.com/2010/02/03/game-crazy-parent-files-for-chapter-11-250-stores-to-remain/http://www.joystiq.com/2010/02/03/game-crazy-parent-files-for-chapter-11-250-stores-to-remain/#comments Game Crazy can't catch a break as parent-company Movie Gallery has filed for chapter 11 bankruptcy. When the dust settles, only 250 Game Crazy locations will remain. The company already closed over 200 locations late last year. In total, Movie Gallery plans to immediately liquidate and close 760 stores in its financially fallible trinity of brands: Movie Gallery, Hollywood Video and Game Crazy.

The company hopes to emerge from the "restructuring" with a "new and sustainable business model centered on a smaller base of profitable stores." The only division of the business unaffected by the bankruptcy is the company's Canadian operations. At least that's one good thing, eh?

[Via Industry Gamers]

JoystiqGame Crazy parent files for bankruptcy, 250 stores to remain originally appeared on Joystiq on Wed, 03 Feb 2010 19:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybusinessgame-crazygamecrazyhollywood-videolayoffsmovie-galleryWed, 03 Feb 2010 19:20:00 EST<![CDATA[New Necessary Force artwork is gritty-pretty]]>http://www.joystiq.com/2009/06/22/new-necessary-force-artwork-is-gritty-pretty/http://www.joystiq.com/2009/06/22/new-necessary-force-artwork-is-gritty-pretty/http://www.joystiq.com/2009/06/22/new-necessary-force-artwork-is-gritty-pretty/#comments
You are by now likely familiar with the story behind Necessary Force, an open-world action game being made by Midway Newcastle, which has until month's end to find a buyer or face closure. We dug a debut trailer unveiled last week, and we're equally into some concept art added to the game's official site.

Could someone please step in here? We know times are tight, but we really want to play this, and Joystiq Publishing has all its liquid capital in N-Gage development (no, we don't want to talk about it).

JoystiqNew Necessary Force artwork is gritty-pretty originally appeared on Joystiq on Mon, 22 Jun 2009 19:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>actionbankruptcymidwaymidway-newcastlenecessary-forceopen-worldMon, 22 Jun 2009 19:15:00 EST<![CDATA[Two Midway studios facing possible closure in two weeks]]>http://www.joystiq.com/2009/06/16/two-midway-studios-facing-possible-closure-in-two-weeks/http://www.joystiq.com/2009/06/16/two-midway-studios-facing-possible-closure-in-two-weeks/http://www.joystiq.com/2009/06/16/two-midway-studios-facing-possible-closure-in-two-weeks/#comments
If you've got an extra few million bucks lying around, we can think of a couple of video game development studios that could really use it. According to a recent report from Guardian.uk, Midway's Newcastle and San Diego studios are facing closure if they can't find buyers by the end of June. For those whose extended WoW sessions have left them chronologically unaware, that's just two weeks from today.

The Guardian's article focuses on the Newcastle studio -- creators of the recently released Diesel-fest Wheelman -- which is trying to stave off death by finding investors for its unannounced open-world action game. We're far from financial experts, but perhaps keeping said project under wraps isn't the best way to attract suitors in such a brief timeframe. Just, you know, a suggestion.

[Via CVG]

JoystiqTwo Midway studios facing possible closure in two weeks originally appeared on Joystiq on Tue, 16 Jun 2009 15:10:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcyclosureeconomymidwaymidway-newcastlemidway-san-diegorecessionTue, 16 Jun 2009 15:10:00 EST<![CDATA[Empire Interactive's catalog sold to Zoo]]>http://www.joystiq.com/2009/05/07/empire-interactives-catalog-sold-to-zoo/http://www.joystiq.com/2009/05/07/empire-interactives-catalog-sold-to-zoo/http://www.joystiq.com/2009/05/07/empire-interactives-catalog-sold-to-zoo/#comments
Following the publisher's descent into administration earlier this week, Empire Interactive's games catalog and intellectual property rights have been sold to Zoo Publishing, Edge Online reports. As a result of the purchase, US-based Zoo can re-release titles, port them to other platforms and create new titles based on the fallen Empire's original properties.

Given this news, would it be too much to ask for a Big Mutha Truckers MMO? Or, perhaps, an M-rated Pipe Mania? We can't can wait to see what Zoo does with its "going out of business sale" bargains!

JoystiqEmpire Interactive's catalog sold to Zoo originally appeared on Joystiq on Thu, 07 May 2009 17:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>administrationbankruptcyempire-interactivezoo-publishingThu, 07 May 2009 17:15:00 EST<![CDATA[Empire Interactive officially in administration]]>http://www.joystiq.com/2009/05/05/empire-interactive-officially-in-administration/http://www.joystiq.com/2009/05/05/empire-interactive-officially-in-administration/http://www.joystiq.com/2009/05/05/empire-interactive-officially-in-administration/#comments
Twenty-year-old UK publisher Empire Interactive has confirmed that the company has entered into administration (which is like bankruptcy, if bankruptcy put vinegar on its french fries and called them chips). Forty-nine members of the staff will be let go while six will stay on to help administrator KPMG with the process.

The company isn't a household name in the states, but you might be familiar with some of the recent titles they've had a hand in, like Pipe Mania, Jackass: The Game and FlatOut.

JoystiqEmpire Interactive officially in administration originally appeared on Joystiq on Tue, 05 May 2009 14:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>administrationbankruptcyempire-interactiveTue, 05 May 2009 14:15:00 EST<![CDATA[Judge says Sumner Redstone treated Midway 'like a toy']]>http://www.joystiq.com/2009/04/21/judge-says-sumner-redstone-treated-midway-like-a-toy/http://www.joystiq.com/2009/04/21/judge-says-sumner-redstone-treated-midway-like-a-toy/http://www.joystiq.com/2009/04/21/judge-says-sumner-redstone-treated-midway-like-a-toy/#comments
Embattled Midway is back in court, with creditors asking for the head of majority stockholder (and mystery man) Mark Thomas. And Judge Kevin Gross seems inclined to side with the creditors, as bankruptcy proceedings go forward and he calls out former Midway owner National Amusements, Inc. (and it's owner, Sumner Redstone) for treating Midway "like it was a toy."

As the publisher's set to run out of money by June, various creditors are in court fighting over the company's remaining assets and, in the process, Judge Gross is reviewing the somewhat dubious sale of Midway to the aforementioned Mark Thomas. To help put the court proceedings into perspective, we contacted Joystiq Law of the Game writer (and total lawyer) Mark Methenitis, who said, "The Midway sale circumstances are the type of facts that often make a court suspicious. Even though NAI's business justification of the sale does seemingly make sense, the sale of a company that size with debts that large for a net amount so small is suspicious to say the least."

There's only a few months left until June so we're sure to see the results of this bankruptcy case play out in no time at all. Here's hoping the one profitable team at Midway can save themselves before the whole ship sinks.

JoystiqJudge says Sumner Redstone treated Midway 'like a toy' originally appeared on Joystiq on Tue, 21 Apr 2009 13:33:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybusinessjudge-kevin-grosslaw-of-the-gamelegalmark-thomasmidwaynational-amusementssumner-redstoneTue, 21 Apr 2009 13:33:00 EST<![CDATA[Sacred 2 developer goes bankrupt]]>http://www.joystiq.com/2009/04/20/sacred-2-developer-goes-bankrupt/http://www.joystiq.com/2009/04/20/sacred-2-developer-goes-bankrupt/http://www.joystiq.com/2009/04/20/sacred-2-developer-goes-bankrupt/#comments
Though it's finally been dated, dungeon crawler Sacred 2 has been plagued by delays. Today comes a reminder that getting it right often comes with a price. Developer Ascaron Entertainment confirmed to Gamespot that the company has declared bankruptcy in Germany after a four-year development period on the game.

The news isn't all bad: The move isn't expected to effect the game's release and and the company has met with "several well-known interested parties to discuss a positive takeover." Here's hoping the final damage is as minimal as possible.

JoystiqSacred 2 developer goes bankrupt originally appeared on Joystiq on Mon, 20 Apr 2009 19:50:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ascaron-entertainmentbankruptcycdvfinancesacred-2Mon, 20 Apr 2009 19:50:00 EST<![CDATA[You too could own Midway's assets for $30 million]]>http://www.joystiq.com/2009/04/15/you-too-could-own-midways-assets-for-30-million/http://www.joystiq.com/2009/04/15/you-too-could-own-midways-assets-for-30-million/http://www.joystiq.com/2009/04/15/you-too-could-own-midways-assets-for-30-million/#comments
If you're looking to buy a video game company, you could do a lot worse than Midway. Think of it, for just $30 million you could own company assets like the Mortal Kombat franchise ... and ... oh! This Is Vegas! That's sure to ... have Achievement points and Trophies. Plus, you'll be helping a band of Midway employees partake in a no-larger-than $600,000 pool of bonuses, according to Midway's revised key employee incentive plan or "KEIP."

If you'll remember, the last form of this KEIP set aside $3.755 million to 29 of its employees if they managed to sell Wheelman and Mortal Kombat. Clearly, it's still a work in progress.

JoystiqYou too could own Midway's assets for $30 million originally appeared on Joystiq on Wed, 15 Apr 2009 20:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcyKEIPmidwaymortal-kombatWed, 15 Apr 2009 20:01:00 EST<![CDATA[Midway's money almost all the way gone]]>http://www.joystiq.com/2009/04/10/midways-money-almost-all-the-way-gone/http://www.joystiq.com/2009/04/10/midways-money-almost-all-the-way-gone/http://www.joystiq.com/2009/04/10/midways-money-almost-all-the-way-gone/#commentsA US bankruptcy court document filed by Midway owner Mark Thomas (whoever that is!) reveals some dire information about the publisher that helps us understand how the mysterious Thomas was able to acquire the company for $100,000.

According to GamePolitics' summary of the document, "Midway will run out of cash in late June," having "operated at a loss for most of the last decade. In addition, the publisher "overstated the value of the Mortal Kombat franchise." CitiGroup attempted, and failed, to find a buyer for Midway, which meant that Thomas had little or no competition.

All of this information is just what hasn't been redacted in the document. We assume that the redacted portions deal with the fact that Sinistar is real and that Midway has been exhausting its cash reserves to mine Sinisite in order to make Sinibombs.

JoystiqMidway's money almost all the way gone originally appeared on Joystiq on Fri, 10 Apr 2009 09:16:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcyindustrymark-thomasmidwaymortal-kombatFri, 10 Apr 2009 09:16:00 EST<![CDATA[Feds and creditors decry Midway's 'key employee incentive plan']]>http://www.joystiq.com/2009/03/31/feds-and-creditors-decry-midways-key-employee-incentive-plan/http://www.joystiq.com/2009/03/31/feds-and-creditors-decry-midways-key-employee-incentive-plan/http://www.joystiq.com/2009/03/31/feds-and-creditors-decry-midways-key-employee-incentive-plan/#comments
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 planning to dish out $3.755 million to 29 of its employees as part of a "key employee incentive plan."

According to The Cut Scene, the bonuses were set up to reward the select employees (five of which are supposedly Midway executives) should they manage to sell the Wheelman and Mortal Kombat franchises. The feds and creditors took issue with these goals -- when the "incentive plan" was submitted, Wheelman had already been sold to Ubisoft. The incensed parties also took issue with attaching incentives to the sale of Mortal Kombat -- a duty mandated by Midway's "obligations under the Bankruptcy Code."

There are other troublesome points in the plan, such as the fairly high amount of cash it would dispense -- cash that the owed creditors would like to see in their own coffers. Midway will reportedly file an updated (and likely less lucrative) version of the "incentive plan" before its public bankruptcy hearing tomorrow morning.

Update: The revised "key incentive plan" was submitted by Midway last night and alters the previous plan in a few key ways. Midway CEO Matt Booty has been subtracted from the equation, leaving four out of 28 potential employees receiving bonuses, and of those 28, the bonus will be based on the amount of money various properties are sold at. The sale of the Wheelman property will no longer be considered as part of the bonus requirements and the Mortal Kombat franchise will only count if "all of its assets" are sold along with it. To read more about what has changed, check out The Cut Scene.

JoystiqFeds and creditors decry Midway's 'key employee incentive plan' originally appeared on Joystiq on Tue, 31 Mar 2009 14:16:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcychapter-11courtcreditorsgovernmentincentivesmidwaymortal-kombatwheelmanTue, 31 Mar 2009 14:16:00 EST<![CDATA[Midway would like to keep Mortal Kombat, talks happening]]>http://www.joystiq.com/2009/03/04/midway-would-like-to-keep-mortal-kombat-talks-happening/http://www.joystiq.com/2009/03/04/midway-would-like-to-keep-mortal-kombat-talks-happening/http://www.joystiq.com/2009/03/04/midway-would-like-to-keep-mortal-kombat-talks-happening/#comments
While Midway has offered up the sale of Mortal Kombat in its continued fight for survival, the troubled publisher's confidence in the franchise isn't quite as shaken as may be believed. Company spokesperson Geoff Mogilner recently told MTV Multiplayer that while shedding the visceral brawler "could happen," selling off Mortal Kombat is "not something that we as a company are going for."

Even so, Mogilner admitted that there is "definitely interest" from other publishers regarding Mortal Kombat, and that "conversations" are happening, though he wouldn't talk specifics. Still, the corporate spokesperson did estimate that the Mortal Kombat franchise as a whole is responsible for an impressive $1.5 billion, which given Midway's current financial upheaval would certainly come in handy right about now.

JoystiqMidway would like to keep Mortal Kombat, talks happening originally appeared on Joystiq on Wed, 04 Mar 2009 08:35:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcymidwaymortal-kombatsaleWed, 04 Mar 2009 08:35:00 EST<![CDATA[[Insert new headline about Midway losing money here]]]>http://www.joystiq.com/2009/03/03/insert-new-headline-about-midway-losing-money-here/http://www.joystiq.com/2009/03/03/insert-new-headline-about-midway-losing-money-here/http://www.joystiq.com/2009/03/03/insert-new-headline-about-midway-losing-money-here/#comments
[From the Joystiq accounting department: In an effort to conserve funds in these tough times, we've cobbled together this story about Midway losing money from fragments of other stories about Midway losing money, with a minimum of editing and the small bit of news bolded. Thank you for your patience during these trying times.]

As pillars continue to topple all around Midway, the company has begun to search for new ways to [1] plan for survival in its continuing struggle to keep its head above water [2]. But for every small chance at redemption Midway Games finds, there seems to be another piece of bad news hiding around the corner. The latest nugget of news is that [3] budgets estimate that between February 9 and May 4, Midway will spend $12,392,598, an approximately 75% depletion of its reserves.

Midway owner ... relatively unknown Mark Thomas [4] says "Midway is hemorrhaging cash at an alarming rate," though we're sure the words he was really looking for were complicated and terrifying [5]. When things are going south as quickly as they have gone for Midway, you take your victories where you can [6], they have already shipped 1.8 million copies of Mortal Kombat vs. DC Universe! [7]

Joystiq[Insert new headline about Midway losing money here] originally appeared on Joystiq on Tue, 03 Mar 2009 11:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcyeconomyfinancemark-thomasmidwaymortal-kombatTue, 03 Mar 2009 11:02:00 EST<![CDATA[Report: Midway trying to salvage Ed Boon's promised $1 million bonus ]]>http://www.joystiq.com/2009/03/03/report-midway-trying-to-salvage-ed-boons-promised-1-million-b/http://www.joystiq.com/2009/03/03/report-midway-trying-to-salvage-ed-boons-promised-1-million-b/http://www.joystiq.com/2009/03/03/report-midway-trying-to-salvage-ed-boons-promised-1-million-b/#comments
As pillars continue to topple all around Midway, the company has begun to search for new ways to stay relevant, reaching out to one of the last remaining assets left in the struggling publisher's corner. Despite reportedly offering up company darling Mortal Kombat for sale, The Cut Scene reports that Midway hopes to keep series co-creator Ed Boon around -- at least for a while longer -- by continuing to pay bonuses for his role in Mortal Kombat vs. DC Universe and an unannounced series entry in 2009's fourth quarter.

Midway has apparently asked bankruptcy court for approval to pay the designer some $900,000 for sales of last year's comic book crossover. Another $105,000 is promised for other MK franchise revenue to Boon, whom Midway describes as "critical to maximizing the value of one of the Debtors' primary assets." The report suggests that keeping Boon around makes Mortal Kombat more attractive to potential suitors, assuming that he tags along if a company happens to open up its wallet.

Still, critical or not, paying out bonuses seems like a tall order to fill for an outfit that's up to its eyeballs in debt.

JoystiqReport: Midway trying to salvage Ed Boon's promised $1 million bonus originally appeared on Joystiq on Tue, 03 Mar 2009 09:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybonused-boonmidwaymk-vs-dcmortal-kombatTue, 03 Mar 2009 09:30:00 EST<![CDATA[Report: Midway looking to sell Mortal Kombat assets]]>http://www.joystiq.com/2009/03/02/report-midway-looking-to-sell-mortal-kombat-assets/http://www.joystiq.com/2009/03/02/report-midway-looking-to-sell-mortal-kombat-assets/http://www.joystiq.com/2009/03/02/report-midway-looking-to-sell-mortal-kombat-assets/#comments
Midway is reportedly looking to sell off its Mortal Kombat franchise in its continuing struggle to keep its head above water. To put this into perspective, this would be like a family of many children putting the only child who managed to go to college up for adoption on Craigslist. And sure, maybe he only went to community college and dropped out after two years but he nonetheless represents a source of family pride.

According to documents allegedly gathered by netDockets, the company's plan for survival includes the "execution of an asset purchase agreement for the sale of Midway's Mortal Kombat franchise assets." What effect this has on that other Mortal Kombat game already in production is anyone's guess. Other goals include ridding the company of its Diesel-fueled Wheelman property, which was rolled in Ubisoft's garage in mid-February.

The publisher has reportedly set aside $3,755,000 to be split among among 29 of the publisher's "officers, management-level employees and other non-insider key employees" if these milestones are met. That's a hefty sum, though we question how thrilled Midway's creditors (not to mention former employees) will be as execs continue to gut the embattled publisher in the name of filling their own gold-lined pockets.

Update: Geoff Mogilner, Midway head of investor relations, tells Edge, "We're not going out of our way to sell Mortal Kombat." That's not say, Midway wouldn't sell Mortal Kombat ...

JoystiqReport: Midway looking to sell Mortal Kombat assets originally appeared on Joystiq on Mon, 02 Mar 2009 09:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcymidwaymortal-kombatsaleMon, 02 Mar 2009 09:01:00 EST<![CDATA[Ubisoft officially publishing Wheelman]]>http://www.joystiq.com/2009/02/18/ubisoft-officially-publishing-wheelman/http://www.joystiq.com/2009/02/18/ubisoft-officially-publishing-wheelman/http://www.joystiq.com/2009/02/18/ubisoft-officially-publishing-wheelman/#comments
And it's officially official, folks: Ubisoft is publishing the previously Midway-held title, Wheelman. Ubisoft's Jaime Borasi confirmed to us this morning, "Yes, the deal with Midway has been finalized and we'll be shipping to retail on March 24th." In case you had forgotten, Wheelman is the third-person shooter/action-driving game coming to Xbox 360/PS3/PC starring everyone's favorite street racer, Vin Diesel.

The deal comes in the wake of Midway's recent filing for Chapter 11 bankruptcy (that's the protection kind, not the liquidation kind) and a slew of rumors surrounding the sale of Midway by majority stockholder Sumner Redstone to mystery man Mark Thomas. Will Midway continue selling off its intellectual properties to stay afloat? Will that next Mortal Kombat game already in production soldier on? It remains to be seen. We've put in word to Midway for comment.

UPDATE: Ubisoft and Midway are calling the publishing deal a "strategic relationship", saying, "Ubisoft will handle sales, marketing, and distribution of the title in North America, South America, Australia, New Zealand, France, Germany, Austria, Ireland and the United Kingdom. Midway will continue to direct the development of the title and retains all future rights to the franchise and will sell the title in all other European territories." Looks like Midway's not out of the loop on Wheelman after all.

JoystiqUbisoft officially publishing Wheelman originally appeared on Joystiq on Wed, 18 Feb 2009 13:42:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcybusinessmidwaypcthe-wheelmanubisoftvin-dieselwheelmanWed, 18 Feb 2009 13:42:00 EST<![CDATA[Midway clings to life after favorable court ruling]]>http://www.joystiq.com/2009/02/18/midway-clings-to-life-after-favorable-court-ruling/http://www.joystiq.com/2009/02/18/midway-clings-to-life-after-favorable-court-ruling/http://www.joystiq.com/2009/02/18/midway-clings-to-life-after-favorable-court-ruling/#comments
After throwing up the white flag last week, the U.S. Bankruptcy Court has granted Midway some some breathing room from creditors who are all but beating down the door for a piece of the embattled publisher. The ruling allows Midway to keep its doors open despite its ongoing financial crisis in order to continue paying employee expenses and pay back what the court describes as certain "critical vendors."

Midway boss Matt Booty describes the court's decision as a key step in the company's "planned and orderly reorganization," though we're sure the words he was really looking for were complicated and terrifying. It's probably difficult to come up with the right thing to say after someone plunges an arm into your chest to remove your still-beating heart.

JoystiqMidway clings to life after favorable court ruling originally appeared on Joystiq on Wed, 18 Feb 2009 09:10:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybusinessmark-thomasmatt-bootymidwaymortal-kombatsumner-redstonesumnerredstoneWed, 18 Feb 2009 09:10:00 EST<![CDATA[Midway owes millions to Epic, NBA, Warner Bros and many more]]>http://www.joystiq.com/2009/02/13/midway-owes-millions-to-epic-nba-warner-bros-and-many-more/http://www.joystiq.com/2009/02/13/midway-owes-millions-to-epic-nba-warner-bros-and-many-more/http://www.joystiq.com/2009/02/13/midway-owes-millions-to-epic-nba-warner-bros-and-many-more/#comments
GamePolitics went digging through Midway's Chapter 11 bankruptcy records and found the company has $281 million in liabilities, with only $167 million in assets. The real eye opener, however, is the list of Midway's top 30 creditors. Just a small sampling:
The list goes on, check out the full roll at GamePolitics. Although there's a lot to snicker about in the full list, nothing really beats the $300,000 in severance pay to former CEO David Zucker -- the man who helped run the company into the ground. Then again, a lot of execs got rich at Midway while the company fell apart.

JoystiqMidway owes millions to Epic, NBA, Warner Bros and many more originally appeared on Joystiq on Fri, 13 Feb 2009 17:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcycreditordavid-zuckergamepoliticsmidwayFri, 13 Feb 2009 17:59:00 EST<![CDATA[Midway files for Chapter 11]]>http://www.joystiq.com/2009/02/12/midway-files-for-chapter-11/http://www.joystiq.com/2009/02/12/midway-files-for-chapter-11/http://www.joystiq.com/2009/02/12/midway-files-for-chapter-11/#comments
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 execution" and that filing for Chapter 11 will allow the company some relief from "immediate pressure from our creditors." To Booty, Chapter 11 is nothing more than the "next logical step in an ongoing process to address our capital structure."

Midway expects to be able to run the company as usual, and even filed a variety of First Day Motions to that end. The court is usually lenient with these Motions and often grants them, so this should give Midway some time to finish up that next Mortal Kombat game and maybe get out of the red.

JoystiqMidway files for Chapter 11 originally appeared on Joystiq on Thu, 12 Feb 2009 11:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybusinesschapter-11matt-bootymidwaymortal-kombatThu, 12 Feb 2009 11:45:00 EST<![CDATA[Bankrupt World of Goo publisher won't axe employees]]>http://www.joystiq.com/2009/02/07/bankrupt-world-of-goo-publisher-refuses-layoffs/http://www.joystiq.com/2009/02/07/bankrupt-world-of-goo-publisher-refuses-layoffs/http://www.joystiq.com/2009/02/07/bankrupt-world-of-goo-publisher-refuses-layoffs/#commentsFiled under:


We nearly reached for the Tums whilst perusing this story -- it's been so long since we've heard any heartwarming news regarding the gaming industry that we confused the sensation with a mild case of heartburn. A representative from Brighter Minds Media, the publisher behind last year's highly lauded slime-flinging puzzler World of Goo, recently announced that the publisher would not be laying off any of its employees -- despite the fact that the company filed for Chapter 11 bankruptcy last week. Though they're going through what sounds like a fairly radical "reorganization", they won't be extending the already depressingly long gaming industry bread line. Good form, Brighter Minds.

JoystiqBankrupt World of Goo publisher won't axe employees originally appeared on Joystiq on Sat, 07 Feb 2009 11:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcybrighter-minds-mediaworld-of-gooSat, 07 Feb 2009 11:00:00 EST<![CDATA[Midway stalls for more time, still scrounging up cash]]>http://www.joystiq.com/2009/01/16/midway-stalls-for-more-time-still-scrounging-up-cash/http://www.joystiq.com/2009/01/16/midway-stalls-for-more-time-still-scrounging-up-cash/http://www.joystiq.com/2009/01/16/midway-stalls-for-more-time-still-scrounging-up-cash/#commentsFiled under:


After negotiating a small measure of breathing room last week and delaying the payback of a portion of its staggering debt, fate has again smiled on Midway. GI.biz now reports that the embattled publisher has again talked its way out of a corner, pushing back the deadline to repay the back end of the $150 million it owes to stakeholders until February 12.

We'll pause as execs take a moment to wipe the sweat from their collective brow. Still, we can't help but wonder if Midway wouldn't be waiting for shareholders to slip the noose around its neck in the first place if it had put the kind of energy into developing quality games that it has in delaying the company's financial collapse.

JoystiqMidway stalls for more time, still scrounging up cash originally appeared on Joystiq on Fri, 16 Jan 2009 22:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcydebtmidwaymoneymortal-kombatFri, 16 Jan 2009 22:00:00 EST<![CDATA[Circuit City blows its last fuse, all remaining stores to be liquidated]]>http://www.joystiq.com/2009/01/16/circuit-city-blows-its-last-fuse-all-remaining-stores-to-be-liq/http://www.joystiq.com/2009/01/16/circuit-city-blows-its-last-fuse-all-remaining-stores-to-be-liq/http://www.joystiq.com/2009/01/16/circuit-city-blows-its-last-fuse-all-remaining-stores-to-be-liq/#commentsFiled under:


Circuit City announced today it will liquidate all remaining 567 US stores after failing to find a buyer or figure out a refinancing deal, reports the AP. The nation's second-largest electronics retailer filed for Chapter 11 bankruptcy protection late last year; at the time it held 5-10% of the US video game market.

Consumers should keep an eye out for any sales following the announcement. No word on how this will affect game pre-orders, but we strongly recommend trying to get your money back, like, now.

JoystiqCircuit City blows its last fuse, all remaining stores to be liquidated originally appeared on Joystiq on Fri, 16 Jan 2009 12:04:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcycircuit-ctydeathliquidateFri, 16 Jan 2009 12:04:00 EST<![CDATA[Microsoft to Woolworths: Return the 360s we sold you; we'll keep your money]]>http://www.joystiq.com/2009/01/07/microsoft-to-woolworths-return-the-360s-we-sold-you-well-keep/http://www.joystiq.com/2009/01/07/microsoft-to-woolworths-return-the-360s-we-sold-you-well-keep/http://www.joystiq.com/2009/01/07/microsoft-to-woolworths-return-the-360s-we-sold-you-well-keep/#commentsFiled under: ,


UK retailer Woolworths is set to close the remainder of its stores today after being put into administration (what we in the States know as liquidation) back in November. Microsoft is one of many companies seeking to recover their products from the chain before they get sold off to repay debts, but, according to The Times, it's going a step further. Under British law, MS can sue to get its consoles back even though Woolworths has already paid for them in full.

Sound fishy? It does ... until you consider that the chain owes MS quite a lot of money despite having paid for the systems. MS is hoping to get the consoles back -- and resell them to cover part of what it was owed -- before the administrator of Woolworths' liquidation, Deloitte, can sell them on the cheap. In the meantime, Ubisoft is still out a decent amount of scratch thanks to the retailer's collsapse.

[Via 1UP]

JoystiqMicrosoft to Woolworths: Return the 360s we sold you; we'll keep your money originally appeared on Joystiq on Wed, 07 Jan 2009 00:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcyeuropemicrosoftretailwoolworthsXbox-360Wed, 07 Jan 2009 00:55:00 EST<![CDATA[Time extension: Midway gets extra month to pay off debts]]>http://www.joystiq.com/2009/01/06/time-extension-midway-gets-extra-month-to-pay-off-debts/http://www.joystiq.com/2009/01/06/time-extension-midway-gets-extra-month-to-pay-off-debts/http://www.joystiq.com/2009/01/06/time-extension-midway-gets-extra-month-to-pay-off-debts/#commentsFiled under:


Midway has picked up a time bonus, turning back the clock somewhat on its 50-day fast track to financial doom. The troubled Mortal Kombat publisher has negotiated some breathing room for itself, extending the deadline to pay back half of its crushing $150 million in debt by another month until February 19. Of course, this still leaves $75 million to fork over to investors in a couple weeks, though Midway notes that it is currently "in discussions" to push back the repayment of this debt as well.

When things are going south as quickly as they have gone for Midway, you take your victories where you can, though unless Midway expects next month's Diesel-fueled Wheelman to drive to the front door with a bag of cash, we wouldn't stop looking under the rug for loose change just yet.

[Via Variety]

JoystiqTime extension: Midway gets extra month to pay off debts originally appeared on Joystiq on Tue, 06 Jan 2009 12:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcydebtmidwaymoneymortal-kombatwheelmanTue, 06 Jan 2009 12:26:00 EST<![CDATA[Finish him: Midway facing 50-day countdown to bankruptcy]]>http://www.joystiq.com/2008/12/05/finish-him-midway-facing-50-day-countdown-to-bankruptcy/http://www.joystiq.com/2008/12/05/finish-him-midway-facing-50-day-countdown-to-bankruptcy/http://www.joystiq.com/2008/12/05/finish-him-midway-facing-50-day-countdown-to-bankruptcy/#commentsFiled under:


Things are looking grim for the company that once gave us Gorf, Arch Rivals and Spyhunter. The Chicago Tribune reports that Midway may default on its staggering $240 million debt, and that according to an SEC filing the one-time arcade dynamo has just 50 days to get $150 million of this back into the hands of creditors. It's money, unfortunately, that Midway just doesn't have.

The Mortal Kombat publisher has enlisted the council of financial advisory firm Lazard, though time is short and money even shorter. The urgency stems from the company's recent change in majority ownership, which allows bondholders to demand full repayment on their investments. However, with Variety reporting just a smidge over $10 million in Midway's coffers, that leaves an awful lot of candy bars to sell over the next month and a half if the company is to keep from filing bankruptcy (let alone being ripped to shreds by investors pounding on the front door).

JoystiqFinish him: Midway facing 50-day countdown to bankruptcy originally appeared on Joystiq on Fri, 05 Dec 2008 11:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcydebtmidwaymoneymortal-kombatFri, 05 Dec 2008 11:30:00 EST<![CDATA[Circuit City shorts out, files for bankruptcy protection]]>http://www.joystiq.com/2008/11/10/circuit-city-shorts-out-files-for-bankruptcy-protection/http://www.joystiq.com/2008/11/10/circuit-city-shorts-out-files-for-bankruptcy-protection/http://www.joystiq.com/2008/11/10/circuit-city-shorts-out-files-for-bankruptcy-protection/#commentsFiled under:


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 CC's hard times will affect consumers still isn't very clear. It's probably worth keeping an eye on flyers for deals going into the holiday season or checking to see if a local store is shutting down. Although, the company might just shift inventory to locations staying open.

JoystiqCircuit City shorts out, files for bankruptcy protection originally appeared on Joystiq on Mon, 10 Nov 2008 15:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptbankruptcycircuit-cityMon, 10 Nov 2008 15:30:00 EST<![CDATA[Gizmondo at CES?]]>http://www.joystiq.com/2007/01/04/gizmondo-at-ces/http://www.joystiq.com/2007/01/04/gizmondo-at-ces/http://www.joystiq.com/2007/01/04/gizmondo-at-ces/#commentsIndustry shows are interesting beasts to witness. Frequently, we get clues about the future of gaming simply by looking at who decides to show up. There is one big surprise listing at the 2007 CES.

According to the CES website, "It's all fun and games for AMD, Apex Digital, ATI, Dell, Logitech, Nvidia, Alienware, Microsoft, Sony and Gizmondo." This is a fairly odd sentiment given the company is now bankrupt and isn't making games anymore. Maybe the CES doesn't pay much attention to the news (or found it near-impossible to decipher) or Gizmondo pre-paid over a year ago and gets an empty booth.

Gizmondo doesn't seem to be dying a graceful death. Stories like the Bo Stefan Eriksson story keep cropping up. Maybe the empty booth at the 2007 CES will be the dénouement of this pathetic riches-to-rags story; or maybe a huge surprise with the return of Gizmondo.

[Thanks, Falafelkid]

JoystiqGizmondo at CES? originally appeared on Joystiq on Thu, 04 Jan 2007 18:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bankruptcyBo Stefan ErikssonBoStefanErikssoncesCES-2007EnzoErickssonFerarriFerrari enzoFerrariEnzoGizmondogizmondo bankruptcyGizmondoBankruptcyhandheld gamingHandheldGamingStefan ErikssonStefanErikssonThu, 04 Jan 2007 18:55:00 EST<![CDATA[More Atari trouble: Infogrames shares suspended]]>http://www.joystiq.com/2006/09/11/more-atari-trouble-infogrames-shares-suspended/http://www.joystiq.com/2006/09/11/more-atari-trouble-infogrames-shares-suspended/http://www.joystiq.com/2006/09/11/more-atari-trouble-infogrames-shares-suspended/#commentsFiled under:

Newly appointed Atari CEO, David Pierce, must have been dangerously close to spilling his herbal tea this morning after reading a BBC news report regarding the suspension of Infogrames shares. If you recall, Infogrames is the French company that purchased the seemingly cursed Atari name back in 2001 -- bad news for them means bad news for Atari. Of course, Mr. Pierce's described reaction to the news is entirely fabricated. It seems ludicrous to suggest that he learned of the share woes through a website, much less that he accessed it through the sole computer which hadn't been repossessed yet.

Though we jest, Atari's continuing string of financial pitfalls is no laughing matter (especially not for them). The company and its owner are clearly in strong need of some bankable intellectual property that goes beyond Dragon Ball Z and repackaged classics. Will the next generation of consoles give them a big break and the hit they need? In this industry, anything is possible.

[Thanks, Jose.]

JoystiqMore Atari trouble: Infogrames shares suspended originally appeared on Joystiq on Mon, 11 Sep 2006 18:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>AtaribankruptcyBruno BonnellBrunoBonnellDavid PierceDavidPiercefinancial ruinFinancialRuinInfogramessharesMon, 11 Sep 2006 18:40:00 EST<![CDATA[Atari appoints new CEO, hopes to avoid pitfall]]>http://www.joystiq.com/2006/09/05/atari-appoints-new-ceo-hopes-to-avoid-pitfall/http://www.joystiq.com/2006/09/05/atari-appoints-new-ceo-hopes-to-avoid-pitfall/http://www.joystiq.com/2006/09/05/atari-appoints-new-ceo-hopes-to-avoid-pitfall/#commentsFiled under:

David Pierce is one lucky guy. In addition to being given a fancy "CEO" title and $600,000 annual salary, the man has now been placed at the helm of Atari, currently in the process of sailing through stormy seas and various other clichés that amount to a lot failure and not an awful lot of money in the bank. He has over 20 years of management experience, including stints at Universal Pictures, MGM, Sony Pictures and Sony Music Entertainment -- perfectly valid evidence to back up the claim that he generally knows what's he's doing. Atari stocks went up by a whole penny following the news, indicating that more than one person believes this to be a good move.

The company's previous CEO and potential Marvel Comics character, Bruno Bonnell, has been shifted into the position of "Chief Creative Officer." Presumably, that entails coming up with creative ways to get the most out of the stationery and decorating the offices with cost-effective origami and pleasing fingerpaintings. Joking aside, these internal modifications may finally allow this Atari (Infogrames in disguise) to escape its current rut, reap the financial rewards and usher in an all-new video game apocalypse. Will Mr. Pierce be able to plug up that hole in the company's boat? We'll have to wait and see (and play).

[Thanks cringer8!]

JoystiqAtari appoints new CEO, hopes to avoid pitfall originally appeared on Joystiq on Tue, 05 Sep 2006 23:25:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>AtaribankruptcyBruno BonnellBrunoBonnellCEODavid PierceDavidPiercefinanceTue, 05 Sep 2006 23:25:00 EST