Playlogic files for bankruptcy
Publisher blames late payments and tough conditions after continued losses
Dutch publisher Playlogic has filed for bankruptcy, a filing at the US Securities and Exchange Commission has revealed.
Yesterday the publisher denied it was bankrupt, but later the board of directors confirmed it had voluntarily entered into 'surseance van betaling', the Dutch equivalent of Chapter 11, for both Playlogic International and its development studio Playlogic Game Factory.
"Tough market conditions, late payments by large customers and the delays in projects have forced the company to seek protection under the Dutch bankruptcy laws," confirmed the company.
One of those late payments is from distribution partner Koch Media, which Playlogic is taking to court for unpaid bills totalling €1.7 million.
In the first quarter of the year the firm made a loss of $2.2 million, after losing over $20 million for the full 2009 financial year.