'The Guild' Publisher Files for Insolvency Protection

JoWood in problems

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'The Guild' Publisher Files for Insolvency Protection
The Guild developer, Austrian-based JoWooD Entertainment AG, has applied for a procedure of capital reorganization at the Commercial Court in Vienna according to Bloomberg.

The board of the company, which declared that it was seeking support back in December, stated, "The management board assumes that negotiations with creditors and possible investors can be positively conducted and finalized within 90 days and thus continuation of the company can be assured, according to a statement on OTS newswire today."

On December 16th the company stated that its operative losses had risen by 1.655 million Euros to 14.304 million Euros year on year in the first nine months of 2010. Turnover was down from 18.627 million Euros to 8.163 million Euros.

Austrian Independent


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