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JoWooD Insolvent

Austrian videogame publisher JoWooD Entertainment AG announces their insolvency, saying they've applied for a procedure of capital reorganization at the Commercial Court Vienna (thanks The Patches Scrolls). Here's word:


Vienna, Austria, 7 January 2011; The management board of JoWooD Entertainment AG announces that all efforts towards restructuring of capitalization concerning outside capital as well as equity capital had to be considered as failed on 06/01/2011. On the basis of this fact, material insolvency occurred with this date.

Therefore today, JoWooD Entertainment AG applied for a procedure of capita lreorganization at the Commercial Court Vienna in accordance with Art. 167 IO/ Insolvency Statute.

Bond creditors of the 10% bond 2007-2011 (ISIN: AT0000A05TV0) are asked to report directly to the company (see queries reference) to be able to coordinate their rights.

The management board assumes that negotiations with creditors and possible investors can be positively conducted and finalized within 90 days and thus continuation of the company can be assured.

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11. Re: JoWooD Insolvent Jan 7, 2011, 18:47 Ludomancer
 
Yup. When I heard how bad the DRM was I didn't even bother, and just pirated it right out. So much easier.



StingingVelvet wrote on Jan 7, 2011, 17:53:
Pretty much.
I hopehopehope Arcania's DRM breaks the game now for everyone so that we can learn a lesson about activation DRM. Of course, no one bought Arcania anyway, so it might not matter.
 
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