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.”