Playlogic Files For Bankruptcy
Fairytale appears to be over for Dutch publisher/developer.Published 28/07/2010 at 9:30.
By Lee C [Kovacs].
Fake Alert: Sony Haven’t Banned Anyone Over Jailbreak, Yet. [10]
Sunday Thoughts: Reviewing Reviews [66]
Review: Metroid: Other M [30]
All is not well in the financial world of publisher and developer Playlogic. Creator of the less than stellar (and surreally violent) Fairytale Fights, yesterday GamesIndustry.biz reported that the company made a loss of $2.2 million in Q1 2010 and are currently defaulting on a €25,000 a month loan.
Though the spectre of bankruptcy was denied at the time, Playlogic has now filed ‘surseance van betaling’ (Dutch for “We’re broke!”). Company directors quoted tough market conditions as why the troubled publisher are now seeking protection. Another reason behind their precarious financial situation involves late payments by customers. One such outstanding cheque is allegedly due from Playlogic’s distribution partner Koch Media who, allegedly, have failed to cough up $1.7 million owed to the publisher. It looks like the courts will settle this particular aspect of the case.
Pretty Grimm.
Source: GamesIndustry.biz
Comments
Please note that all comments are the opinion and responsibility of the individual author and not TheSixthAxis. You must read and agree to our terms before reading and commenting on this site. User comments are not always moderated by TheSixthAxis.
Not logged in
Log in to join the TSA Community, see your PS3 Trophies, check your PMs, take part in TSA Meets and earn TSA Points.
Most Comments This Week
- TSA’s Guide To PlayStation Move [69]
- PSN Store Update: 01/09/10 [63]
- Sunday Thoughts: Reviewing Reviews [61]
- COD: Black Ops Multiplayer Revealed [57]
- October PlayStation Plus Content Announced [55]
- Arkham City Screens Are Amazing [52]
- MS Raise Xbox Live Price [51]
- WRC 2010 UK Debut Trailer [46]
- New Xbox 360 Pad Confirmed [46]
- Guest Writer: Fixing My Dead PS3 [45]
3shirts | 28/07/2010 10:09
Member
4343 TSA Points | Member since: Aug 2008
Producing that total shitpile Fairytale Fights can’t have helped them
hairfreax | 28/07/2010 10:41
Member
2025 TSA Points | Member since: Jun 2009
I was trying to think of a nicer way to put it.
Bilbo_bobbins | 28/07/2010 10:19
Member
2587 TSA Points | Member since: Jun 2009
not surprised really.
theDAZBOMEGATRON | 28/07/2010 10:28
Member
676 TSA Points | Member since: Jan 2010
It doesn’t help when you are owed $1.7mill
For the publishers it a win-win. They dont have to peddle poor games and they keep a chunk of change.
BIGAL-1992 | 28/07/2010 10:54
Member
3593 TSA Points | Member since: Jan 2009
Another studio bites the dust. What a shame.
Guyers94 | 28/07/2010 11:35
Member
187 TSA Points | Member since: Apr 2010
Best finishing line to a news story I’ve seen on here, well played.
It’s a shame to see this happening to so many developers, I guess it just shows that in the current climate people are only going to pay for things of the highest quality, anything less might just scrape through and shambles like Fairytale Fights are left in the bargain bins, with the occasional Lovefilm rental.
TSBonyman | 28/07/2010 11:47
Member
3284 TSA Points | Member since: Dec 2009
That’s a shame especially when the bulk of the debt seems to be because of late payments, although i can see why the publisher might have reneged if they had distibuted it and it didn’t sell enough.
Danza Di Fuoco | 28/07/2010 13:11
Member
3439 TSA Points | Member since: Aug 2009
They publishing a few games for move. Is that good news? can’t stand mediocre cash grabbing products