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
3shirts
Producing that total shitpile Fairytale Fights can’t have helped them
hairfreax
I was trying to think of a nicer way to put it.
Bilbo_bobbins
not surprised really.
theDAZBOMEGATRON
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
Another studio bites the dust. What a shame.
Guyers94
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
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
They publishing a few games for move. Is that good news? can’t stand mediocre cash grabbing products