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10Tacle declares insolvency

Thu 07 Aug 2008 11:22am GMT / 7:22am EDT / 4:22am PDT
Business

The company sees its shares drop 73 per cent following the news

10Tacle Studios AG has claimed insolvency, according to reports from the German website for the Wall Street Journal.

It is believed that the EUR 6.2 million in funding the developer announced just last week fell through, causing the company to declare insolvency last night. Since then, the developer has seen its share price drop over 73 per cent on the Frankfurt stock exchange.

10Tacle Studios announced last May it had to reverse plans to acquire the developer The Game Company, due to restructuring.

GamesIndustry.biz has contacted 10tacle for further comment.

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