Interplay in financiële problemen

Steven (Steeven) 23-12-2004 17:00

Interplay zit in hevige financi�le problemen. De ontwikkelaar heeft haar werknemers al vier maanden niet meer betaald, heeft geen geldreserves meer en kan niet meer aan haar verplichtingen voldoen. Het bedrijf is een van de oudste gameontwikkelaars en heeft al jarenlang geldproblemen gehad. Meer informatie lees je in dit nieuwsbericht van Reuters:

"[...]
LOS ANGELES, Dec 22 (Reuters) - Video game company Interplay Entertainment Corp. (IPLYE.OB: Quote, Profile, Research) did not pay most of its employees for the four months through mid-November, has no cash reserves left and cannot meet its obligations, the company said in a quarterly report to regulators on Wednesday.
Interplay, one of the oldest names in gaming, has been beset by financial difficulties for years. The company was evicted from its headquarters last summer and said it does not have any new internal game development in progress.
"We continue to face difficulties in paying our vendors, and employees, and have pending lawsuits as a result of our continuing cash flow difficulties. We expect these difficulties to continue during the balance of 2004," the company said in the report to the U.S. Securities and Exchange Commission.
As of Sept. 30 the company reported cash of $71,000 and accounts payable of $10.3 million. In the September quarter it lost $1.5 million on revenue of $918,000.
"We currently have no cash reserves and are unable to pay current liabilities. The company cannot continue in its current form without at this time obtaining additional financing," Interplay said.
Interplay also said an evaluation determined its financial controls were in disarray.
"Based upon this evaluation, our chief executive officer and interim chief financial officer concluded that our disclosure controls and procedures were of limited effectiveness, at the reasonable assurance level, in timely alerting him to material information required to be included in this report," Interplay said.
Interplay's majority shareholder, Titus Interactive (TITP.LN: Quote, Profile, Research) , was placed under judicial administration in France last June. Titus holds about 62 percent of Interplay stock.
Interplay also said its European distributor, Avalon, was unable to make any of four payments due between mid-September and mid-November. Avalon is also a unit of Titus.
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