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Future of JoWooD uncertain as investor loses interest

Wed 23 Mar 2011 4:31pm GMT / 12:31pm EDT / 9:31am PDT
LegalPublishing

Bankrupt Gothic 4 publisher halts development of expansion amid ongoing insolvency troubles

Bankrupt publisher JoWooD faces an uncertain future after a potential investor withdrew its interest.

According to insolvency organiser Helmut Platzgummer, an unnamed party made it clear that they no longer planned to invest - although apparently two other investors are still interested in the firm, reports the Austrian Independent.

The Vienna-based company, best known for role-playing series Gothic, has been seeking new investment since filing for insolvency earlier this year the board at that time claiming they could conclude discussions with creditors within 90 days.

JoWooD also issued a press release confirming that a planned Gothic 4 expansion, ArcaniA Fall of Setarrif, had been cancelled indefinitely due to "legal uncertainty" with Stefan Berger, the company's business development manager, saying: "It's uncertain whether the game can be released onto the market in its current form".

JoWooD employs around 90 staff and is currently pursuing a lawsuit against fellow publisher Koch Media, claiming the German firm owes JoWooD 2.36 million ($3.04 million), plus interest, for shares purchased in 2006.

9 Comments

Private Industry

1,176 182 0.2
Close them down and let the good people open something new. Far away from the board that ran the company into the ground.

Posted:3 years ago

#1
I've only heard of poor folks/developers affected by JoWood. Its certainly a pity as it impacts on Arcania

Posted:3 years ago

#2

Pier Castonguay Programmer

189 106 0.6
After JoWood made countless bad decisions on Gothic3, Piranha Bytes switched publisher and changed their game series titles to Risen. JoWood hired Spellbound to do a Gothic4, and we all know how it ended up. Same poor decisions. What else did JoWood published? The countless Painkiller addons? For which none of them were as good as the original? I say let them die.

Posted:3 years ago

#3

Private Industry

1,176 182 0.2
They did publish some good games in the late 90`s early 00`s like AquaNox, The Guild, Industry Giant (1:1 translation not sure that one ever came out in the non German speaking areas), The Clue, Rally Trophy (developed by the guys who made FlatOut) and a few others. Those games where not bad, but the thing is in that "golden age" for JoWood they started to buy a lot of developer studios and than started to close a lot down one after another. By 2002 they where doing ok before the shopping spree and than all that miss management started with just getting to bloated and I would assume as a consequence of expanding to much in a rather short time you start to get pushy and demand the games to be released because you desperately need the money. I do remember working with them together and I wouldn`t say it was great.

Posted:3 years ago

#4
I wonder how this affects the latest developer that did Arcania.

Posted:3 years ago

#5

Private Industry

1,176 182 0.2
That`s hard to say, I think JoWood was never too good with paying their bills. There where plenty of lawsuits involving JoWood so I`m sure one or two where about them not paying the money they should have by contract.

Edited 2 times. Last edit by Private on 23rd March 2011 11:49pm

Posted:3 years ago

#6
I heard a few rumours/news to that effect, but everyone is so tight lipped. :)

Posted:3 years ago

#7

Private Industry

1,176 182 0.2
That`s how it works, even if you worked with JoWood and where not happy you wouldn`t go out to the public and say what you really think about them or more precisely say what went wrong with them after all. All that business stuff is under NDA, your own reputation or the one of your company within the industry isn`t helped if you go all Charlie Sheen on a former partner, plus you never know if you ever have to work together with them. Maybe you hear more stuff once they close down :)

Posted:3 years ago

#8
Going all charlie Sheen. I like that. very memorable qoute.

Posted:3 years ago

#9

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