Artifact in Chapter 11

Artifact-Entertainment Website (thanks GameSpy and Frans) has word that the developer has voluntarily filed for Chapter 11 bankruptcy protection. They answer some FAQs about the filing, and what the future holds for Artifact Entertainment and Horizons: Empire of Istaria, their MMORPG. Here are a pair of Q&As:
Q: What is Chapter 11 and how will it affect Artifact Entertainment business and Horizons service? Will the company continue to provide ongoing service to Horizons' fans during the restructuring period?
A: Chapter 11 bankruptcy protection is used by companies experiencing cash flow difficulties who need time to restructure debt to continue operations. Continental Airlines and May Company department stores are two examples of companies that successfully used Chapter 11 protection to get their businesses into better financial health. We have sought court protection in order to prevent interruption of service and are taking every step possible to ensure Horizons’ players experience seamless game play. In fact, Artifact Entertainment has been working diligently to create new content for the game, including the development of new creatures, quests, events and lore that will be introduced within the next two months.

Q: In terms of other actions being taken to get the company into better operating shape, can we expect to see more layoffs?
A: Currently, we are in talks with a seriously interested company that wants to acquire the assets of the company while retaining key staff to maintain operations of Horizons.
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Artifact enters the abyss
Jul 19, 2004, 22:35
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Artifact enters the abyss Jul 19, 2004, 22:35
Jul 19, 2004, 22:35
 
Is this the failure that makes MMORPGs dead?

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