IndustryGamers - Informing the Games Industry

Playlogic is Down For the Count

Posted July 28, 2010 by M.H. Williams

A recent filing at the U.S. Securities and Exchange Commission has revealed that PlayLogic has voluntarily entered into bankruptcy. The company confirmed to GI.biz that it has filed for ‘surseance van betaling,’ the Dutch version of Chapter 11, for Playlogic International and 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," said the company in a statement.

For the previous fiscal year ending on December 31, 2009, the company had $21 million in debt, and was looking to increase their net worth. Their first quarter of this fiscal year was not much better, with a net loss of $2.2 million. Playlogic has filed suit against Koch Media over the previously mentioned late payments, totaling €1.7 million ($2.2 million).

There has been no word on PlayLogic’s previously planned PlayStation Move titles.

M.H. Williams has been writing in some form or another for ten years and has been a hardcore gamer since the NES first graced American shores.  You can catch him on Twitter as @AutomaticZen, Google+ as himself, or on his personal Facebook page.