German publisher bitComposer Entertainment puts out the call for investors, saying they are insolvent, though they are currently continuing to operate under Schutzschirmverfahren, a method of helping shield companies from debt as they restructure. Word is: "The board of bitComposer Entertainment AG want to restructure the company in the current insolvency proceeding and develop a settlement plan to end the insolvency quickly. In particular, they are looking for a strategic investor in order to finance promising new games. The company is supported by Dr. Jörg Eschmann, partner at BearingPoint." Here's an outline of how this situation came to be:

The crisis was largely caused by financial difficulties of its suppliers in game development. bitComposer was not able to complete certain promising projects for new games. Financial targets were missed. On September 26th the company filed for a protective shield procedure (ESUG procedure) at the local court of Frankfurt. Under the protective shield further steps with important creditors and market partners such as developers and publishers were prepared and additional games titles were successfully published. Acting on the recommendation of the provisional creditors’ committee, the board filed for the transition to regular insolvency proceedings.

“bitComposer is in need for new capital to continue developing new titles for the gaming market. This situation offers opportunities for project financers who wish to fund individual titles and for investors who would like become shareholder. The company maintains long-term relationships to outstanding development studios and offers interesting licences and game brands. The existing potential at this creative games publisher bitComposer offers an interesting strategic option for investors such as media companies and developers of board games,” explained Dr. Jörg Eschmann of BearingPoint.