Original URL: http://www.theregister.co.uk/2009/09/18/pirate_bay_future_trouble/

Pirate Bay's would-be saviour hit by 'bankruptcy order'

Rough seas ahead

By John Oates

Posted in Media, 18th September 2009 14:30 GMT

Global Gaming Factory X - the supposed saviour of Pirate Bay - has apparently been hit by a bankruptcy order in a Swedish court.

It was kicked off the Swedish stock exchange just over a week ago for failing to provide proper financial information. Its shares were suspended in late August. The attempted takeover of the Pirate Bay was already looking shaky because it was unclear where GGF was getting its money from.

Today things took a turn for the worse when one of GGF's creditors took a bankrupcy order to Stockholm's District Court.

Johan Sellstrom has waited long enough to be paid the 1,378,525 kronor (£123,033) he says GGF owes him. Sellstrom is a former director of GGF.

The filing claims that "the debtor canot legally pay its debts, and such incapacity cannot be regarded as 'temporary'."

Hat tip to Sweden's the Local for translating Svenska Dagbladt's original report.

We've left messages for Global Gaming Factory X and will update this story if it gets back to us. ®