Bonnell in the Clear – Infogrames Shareholders Pass Refinancing Plan
Executives to stay as independent future gained.
The assembled executives at French publishing powerhouse Infogrames will be breathing a collective sigh of relief after it emerged that the company’s key shareholders have backed their proposed refinancing plan.
Following a few months of uncertainty, in which CEO Bruno Bonnell offered his head on a stick if the plan to issue new stock to help it buy back €117 million ($151.9 million) in bonds - due in July 2005 - was rejected.
It was thought that Infogrames, currently swamped in over €300 million of debt, would be forced to look for a merger with an external company. “Infogrames has no plans today for a tie-up of any kind,” said Bonnell yesterday.
Speaking to the financial press, Infogrames has stated that it will submit its bond buy-back offer to French market regulators in coming days, and it was therefore unable to say by how much shareholders would see their shares diluted.
It is estimated that around 49.2 million new shares will be generated from the refinancing plan equating to an increase of 40 percent.
Following a few months of uncertainty, in which CEO Bruno Bonnell offered his head on a stick if the plan to issue new stock to help it buy back €117 million ($151.9 million) in bonds - due in July 2005 - was rejected.
It was thought that Infogrames, currently swamped in over €300 million of debt, would be forced to look for a merger with an external company. “Infogrames has no plans today for a tie-up of any kind,” said Bonnell yesterday.
Speaking to the financial press, Infogrames has stated that it will submit its bond buy-back offer to French market regulators in coming days, and it was therefore unable to say by how much shareholders would see their shares diluted.
It is estimated that around 49.2 million new shares will be generated from the refinancing plan equating to an increase of 40 percent.
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Comments
Joji 20 Jan 2005 14:31
1/8
Personally I think Bonnell should offer his head on a stick just for some of the bad product they have put out.
On the other hand they had best be careful, because EA might just pick up the desperate scent of that 300 million euro debt.
On the other hand they had best be careful, because EA might just pick up the desperate scent of that 300 million euro debt.
Ditto 20 Jan 2005 15:50
2/8
Joji wrote:
On the other hand they had best be careful, because EA might just pick up the desperate scent of that 300 million euro debt.
I'd say they'd be in EA's pocket if they wanted a merger.
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SPInGSPOnG 22 Jan 2005 13:09
3/8
Joji wrote:
Personally I think Bonnell should offer his head on a stick just for some of the bad product they have put out.
And for some of the great publishing names they have bought and destroyed. Ocean, Microprose, Gremlin, GT Interactive etc etc.
And to make matters worse they then besmirched the Atari name, one of the oldest and noblest in all of gaming, by putting out s**t under that vernable and honourable banner and paying journalists (and bribing their bosses via ad spend threats) to write good reviews about it.
They shoul dhave their eyes pecked out by ravens, ravenour rats inserted into their recta and leeches applied to their tendermost parts.
Ditto 22 Jan 2005 13:16
4/8
Rod Todd wrote:
And to make matters worse they then besmirched the Atari name, one of the oldest and noblest in all of gaming, by putting out s**t under that vernable and honourable banner and paying journalists (and bribing their bosses via ad spend threats) to write good reviews about it.
Is that a bit OOT? Atari killed itself though being out-of-touch with it's audience and after having a series of mismanagements. Remember the famous Pac Man carts?
Initally, I would agree that Atari were important. However that was, what, 20 years ago? Things have moved on, you should be glad there at least there is an Atari, even if it seems the name may be almost as jinxed as Commodore.
config 22 Jan 2005 14:19
5/8
Adam M wrote:
Initally, I would agree that Atari were important. However that was, what, 20 years ago?
There's no doubting that Atari has, even prior to Infogrames' dabbling, produced some dire products - need I say more than "ET" ?
However, the name still manages to stand as a legend of gaming - even after the Driv3l debacle.
Things have moved on, you should be glad there at least there is an Atari, even if it seems the name may be almost as jinxed as Commodore.
Commodore? Jinxed? Never! AmigaOS4 is just about ready for release. Here's a review of it
Of course, there's not a mention fothe Commodore brand, thank heavens :)
kid_77 23 Jan 2005 20:30
6/8
config wrote:
need I say more than "ET" ?
Given my age (5) and gaming naivity, I quite liked it at the time. It seemed to have a bit more depth than Space Invaders, Golf and Soccer. Of course, it wasn't a patch on Solar Storm or Chopper Command :-)
config 24 Jan 2005 10:02
7/8
kid_77 wrote:
config wrote:
need I say more than "ET" ?
Given my age (5) and gaming naivity, I quite liked it at the time. It seemed to have a bit more depth than Space Invaders, Golf and Soccer. Of course, it wasn't a patch on Solar Storm or Chopper Command :-)
Actually, I really shouldn't comment - I never owned an Atari console (did have a 400 though), and never played the infamous ET. It might have been a great game, but they sure overestimated its success.
I wonder if anyone knows exactly where all those carts are buried?
Ditto 24 Jan 2005 14:26
8/8
config wrote:
Commodore? Jinxed? Never! AmigaOS4 is just about ready for release.
Of course, there's not a mention fothe Commodore brand, thank heavens :)
LOL.