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United Kingdom 06/02

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Mad Catz Closed

This press release has the news that peripheral maker and momentary game publisher Mad Catz has filed for a voluntary assignment in bankruptcy in Canada and for Chapter 7 bankruptcy in the U.S. The company has apparently gone through all nine of its lives, since Chapter 7 is to liquidate the company, rather than try and save it though debt restructuring. The announcement has details on the end of the company's 28 year run:

The Board of Directors made the decision to have the Company make a voluntary assignment in bankruptcy after considering various strategic alternatives, the interest of various stakeholders of the Company as well as a number of other factors. The Board of Directors has been advised by the Company’s financial advisor and management that no viable strategic alternative in respect of a sale of the Company or other corporate sale transaction is being made available to the Company by any third party. In addition, the Board of Directors has also been advised that the Company’s lenders will not increase the amount of its credit facilities beyond the current levels.

Karen McGinnis, President and Chief Executive Officer, stated that, “Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives, including various near term financing alternatives such as bank financing and equity infusions, as well as potential sales of certain assets of the Company or a sale of the Company in its entirety, the Company has been unable to find a satisfactory solution to its cash liquidity problems. The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”

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