Feeds

Court hands Gizmondo Europe to liquidators

Attempt to seek bankruptcy protection fails

Choosing a cloud hosting partner with confidence

Gizmondo Europe has gone into liquidation after parent company Tiger Telematics' attempt to persuade the English High Court to put the subdsidiary into administration failed last week, Reg Hardware can reveal.

The court hearing took place on Thursday, 2 February after being adjourned from Tuesday, 31 January. The court ordered Gizmondo Europe to be wound up and placed the remains in the hands of joint liquidators David Rubin & Associates and Bigbee & Traynor.

In a document sent to the US Securities & Exchange Commission (SEC), Tiger said it "assumes that the liquidator will terminate the remaining employees of Gizmondo Europe, cease Gizmondo Europe's operations, including the Gizmondo help desk, email and other product support services, and attempt to sell the assets".

Ironically, one of the potential buyers may be Tiger itself - it said it is in talks with US-based lender Lafitte Partners - source of a $5m bridging loan needed by Tiger "for its immediate liquidity" - and the liquidator to buy "certain assets" of Gizmondo Europe. Success is likely to depend on whether Lafitte will provide Tiger with sufficient funds to purchase the assets.

Today, Gizmondo Europe was still offering consoles and related products for sale via the company's web site. However, the company's showroom on London's prestigious Regent Street was closed. At posting time, the liquidators had not responded to our request for information as to their plans for the company.

Tiger said it was considering its own future in the light of the High Court verdict, and of the liquidation of its game studios in Stockholm, Sweden and Manchester, England. For starters, it's now able to eliminate $72m of the $90m liabilities recorded on its balance sheet as of 30 September 2005. It said it was pondering the sale of the whole company, parts of it, or elements of the intellectual property it owns, "including patents and game rights, and continuing operations in the USA". ®

Beginner's guide to SSL certificates

More from The Register

next story
PEAK APPLE: iOS 8 is least popular Cupertino mobile OS in all of HUMAN HISTORY
'Nerd release' finally staggers past 50 per cent adoption
Tim Cook: The classic iPod HAD TO DIE, and this is WHY
Apple, er, couldn’t get parts for HDD models
Apple spent just ONE DOLLAR beefing up the latest iPad Air 2
New iPads look a lot like the old one. There's a reason for that
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Microsoft fitness bands slapped on wrists: All YOUR HEALTH DATA are BELONG TO US
Wearable will deliver 'actionable insights for healthier living'
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Caterham Seven 160 review: The Raspberry Pi of motoring
Back to driving's basics with a joyously legal high
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Reducing the cost and complexity of web vulnerability management
How using vulnerability assessments to identify exploitable weaknesses and take corrective action can reduce the risk of hackers finding your site and attacking it.