Australian videogame distributor Red Ant has gone into administration, according to a posting on the Australian Securities and Investments Commission.
Deloitte Touche was appointed receiver on January 16, which is currently running Red Ant as an ongoing business while it seeks a buyer. Co-receiver, David Lombe, attributed the distributor's problems to the weakening of the Australian dollar.
"Red Ant was hedging on the Euro, which amounted to a huge currency loss when the Australian dollar lost value," Lombe said, according to ARN.
"It is still trading, although resources are limited due to the number of creditors," he added.
Red Ant distributes titles in the region from a number of major developers and publishers including Capcom, Deep Silver, Konami, Bethesda and Midway.