Bankruptcy and Restart
On Tuesday 27 July 2010 rumours started to surface around Playlogic about a possible bankruptcy, after a few years of struggling with major losses and new games failing to bring in new cash. Wednesday 28 July 2010 the rumours have been confirmed by a filing at the US Securities and Exchange Commission. This filing revealed that the company had voluntarily entered into 'surseance van betaling', the Dutch equivalent of Chapter 11.
On Wednesday 4 August 2010, the court declared Playlogic officially bankrupt. Later that year Playlogic Entertainment N.V. relaunched with some of the original staff, taking a focus on publishing already made games on digital platforms and gambling related games.
Read more about this topic: Playlogic Entertainment
Famous quotes containing the words bankruptcy and and/or bankruptcy:
“Bankruptcy and repudiation are the springboards from which much of our civilization vaults and turns its somersets, but the savage stands on the unelastic plank of famine.”
—Henry David Thoreau (1817–1862)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)