Dutch publisher Playlogic (Fairytale Fights, Obscure: The Aftermath
) has notified
the US Securities and Exchange Commission that it has entered into "surseance van betaling," which is closely equivalent to the States' Chapter 11
bankruptcy. The company claims in the filing that "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."
According to GI.biz
, Playlogic is suing distribution partner Koch Media for €1.7 million ($2.2M) in unpaid bills as it continues hemorrhaging money, after recording a $20 million loss in its previous fiscal year
. For a company that stated just yesterday that it wasn't bankrupt
, it's amazing what a difference a day makes.