Creditor Anger Over Oxygen Administration
Former CEO starts up new company, buys all Oxygen assets.
Cate West was one of the more recent releases from Oxygen.
It was only the other day that Oxygen Games announced its plunge into administration, but already the creditors involved are calling foul play on the former CEO, Jim Scott, who arranged to buy back assets and IP under a new company.
Scott has also taken 11 members of Oxygen staff that worked for the business before it went into insolvency. OG International, the new company, will continue to sell Oxygen Games' products.
An anonymous executive said to GamesIndustry, "It's good for the staff but it's not good for the creditors at all. There's some fairly hefty bills outstanding and the question is how much of this has gone to the administrators, how much have they bought their own assets back for and what has been agreed to the creditors? Presumably, not anywhere near what it should have been."
Scott confirmed with MCV that the collapse of Oxygen had left its development studios out of pocket, but said the debt is now the responsibility of the creditors and administrators.
"Obviously, we’ve only bought the assets, so any creditor would have to speak to the administrator [about Oxygen’s debt]... I’m not involved with the company now."
These development studios include Rebellion Studios, Magellen Interactive and Destineer Games, with creditors involving ELSPA and GfK Chart-Track now footing the bill.
Insolvency firm FA Simms & Partners refused to comment to GamesIndustry about the selling of assets to OG International.
Scott has also taken 11 members of Oxygen staff that worked for the business before it went into insolvency. OG International, the new company, will continue to sell Oxygen Games' products.
An anonymous executive said to GamesIndustry, "It's good for the staff but it's not good for the creditors at all. There's some fairly hefty bills outstanding and the question is how much of this has gone to the administrators, how much have they bought their own assets back for and what has been agreed to the creditors? Presumably, not anywhere near what it should have been."
Scott confirmed with MCV that the collapse of Oxygen had left its development studios out of pocket, but said the debt is now the responsibility of the creditors and administrators.
"Obviously, we’ve only bought the assets, so any creditor would have to speak to the administrator [about Oxygen’s debt]... I’m not involved with the company now."
These development studios include Rebellion Studios, Magellen Interactive and Destineer Games, with creditors involving ELSPA and GfK Chart-Track now footing the bill.
Insolvency firm FA Simms & Partners refused to comment to GamesIndustry about the selling of assets to OG International.
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