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Interplay Facing Bankruptcy

Discussion in 'Game/SP News & Comments' started by NewsPro, May 1, 2004.

  1. NewsPro Gems: 30/31
    Latest gem: King's Tears

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    Remove all ads!
    (Originally posted by chevalier)

    Apparently, Interplay owes more than it can pay. Office space rent, taxes, license fees, salaries. It needs a mighty injection of cash, and needs it badly. Here's an excerpt:

    The cash situation at the publisher has worsened to the extent that it is three months in arrears on payment of rent on its corporate headquarters in Irvine, California, and owes almost $280,000 in mix of outstanding payroll taxes and non-payment penalties for those taxes.

    The company faces eviction if it cannot meet its rent commitments - and was served with notice to this extent on April 9th. It also failed to meet its payroll obligations in the middle of this month, and has cancelled the bulk of other outgoings, including "property, general liability, auto, workers compensation, fiduciary liability, and employment practices liability."

    On top of this, the company has lost the rights to publish Baldurs Gate 3 and other future D&D properties, and it may lose the right to continue publishing its Baldurs Gate: Dark Alliances titles if it cannot settle a lawsuit from Atari which accuses it of failing to pay royalties on the D&D license.

    Interplay is also currently in breach of a settlement agreement with Warner under which it owes the media giant some $0.32 million - and having entered into a payment plan to rectify this, is now also in default of that plan.

    Read the rest at Games Industry.
     
    NewsPro, May 1, 2004
    #1
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