Acclaim files for bankruptcy
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Posted in Financial News, 3rd September 2004 10:39 GMT
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Games publisher Acclaim has filed for bankruptcy after failing for find new funding.
Acclaim was responsible for Mortal Kombat and Turok and the Worms series of games.
The company said in an SEC filing that negotiations with its primary lender GMAC Commercial Finance had ended and it had failed to find another lender. Its credit line expired on 20 August so it has filed for protection under Chapter 7 of the federal Bankruptcy Code.
Acclaim attorney Jeff Friedman told Reuters that an independent trustee has been appointed to sell off the company's assets, including games that are ready to ship. At least one unnamed creditor is owed more than $20m.
Nasdaq has started delisting procedures against the company because its market capitalisation does not meet minimum requirements.
Acclaim was founded in 1987 and has offices in Australia, France, Japan, Spain, the UK and US. ®
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