terry-phillips
Latest
SouthPeak claims creditors used press to 'paint a negative picture' of the company
Throughout 2009 and 2010, SouthPeak's legal struggles made headlines. From the sweeping claims of unpaid work following the buyout of Gamecock Media Group to the lawsuits brought on by various companies that had done business with SouthPeak, a less than favorable image of the Texas-based game publisher had been created. In a recent interview with GamesIndustry.biz, SouthPeak chairman Terry Phillips defended his company, claiming creditors "used the press to try to put pressure on us; to try to squeeze a better deal out of us; to try to paint a negative picture of us." "You read a lot of it and you just think we've had a terrible year on the legal side," Terry Phillips added, "but we've not had one single substantive judgment against us whatsoever this year." He cited a French court's ruling in favor of SouthPeak over developer Nobilis, which granted the publisher "all rights on future [My Baby] games." Needless to say, SouthPeak is hoping for a sunnier 2011, as it expands the availability of Two Worlds 2, continues growing the My Baby family, and works with Nvidia to bring Tegra 2-powered games to Android devices.
SouthPeak gets $10 million loan while losing biggest moneymaker
Outside of looming legal battles and down year-over-year revenues, SouthPeak recently received a $10 million "asset-based line of credit" that extends until February 28, 2012, reports IndustryGamers, effectively replacing an $8 million line of credit previously secured. We're not quite sure what debtors will have to take from SouthPeak should the publisher not be able to repay the $10 million, though, as Majesco Entertainment apparently scooped up SP's biggest franchise in mid June, My Baby. For what it's worth, SouthPeak chairman Terry Phillips said of the credit, "Securing this additional credit provides us with greater financial flexibility and presents a clear message to our investors that we are confident of our business prospects and growth opportunities over the near- and long-term." Here's hoping that Two Worlds 2 and Battle vs. Chess are enough to help the company get its feet back on the ground in the coming year.
