JoWooD Files for Bankruptcy

January 11, 2011

Austrian-based publisher JoWooD filed for insolvency (the equivalent of bankruptcy in the United States) late last week, ending a long struggle to stay afloat. The company filed for insolvency with Vienna's commercial court for a "procedure of capital reorganization." The company announced on the same day that efforts to shore up capital and equity failed. Despite the filing, JoWooD believes that it can conclude "successful discussions" with investors and its creditors "within 90 days."

JoWooD is also pursuing a lawsuit with Koch Media, claiming that the German publisher "underpaid" for 6.4 million shares it held in 2006. JoWooD claims that the shortfall for those shares amounts to $3.04 million plus interest owed. Under Austrian law, Koch Media would be liable for the shortfall, regardless of whose fault the miscalculation was.

The lawsuit will not be resolved any time soon, according to this GameIndustry.biz report.

JoWooD has been struggling financially for years. One of its bigger titles, Arcania: A Gothic Tale, failed to find success in Europe and abroad.

Source: GI.biz

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Comments

Re: JoWooD Files for Bankruptcy

Submitted by Vaemer-Riit Sne... on Thu, 01/13/2011 - 09:32.

That sucks, I really liked some of their games to. Even if they where a little buggy.

Re: JoWooD Files for Bankruptcy

Submitted by greevar on Tue, 01/11/2011 - 09:53.

"...Arcania: A Gothic Tale, failed to find success in Europe and abroad."

That's because it was mediocre at best.

-Greevar

"Paste superficially profound, but utterly meaningless quotation here."

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Shout box

Andrew Eisen: Here's the full quote on EA making Wii U games according to Neogaf: http://www.neogaf.com/forum/showthread.php?t=56112105/21/2013 - 8:19pm

Andrew Eisen: Xbox One may not be always on but that doesn't mean you can use it without an internet connection. http://kotaku.com/xbox-one-does-require-internet-connection-cant-play-o-50916410905/21/2013 - 7:39pm

Andrew Eisen: Polygon says EA's CFO says it is developing games for Wii U but doesn't provide that quote. http://www.polygon.com/2013/5/21/4351844/ea-developing-wii-u-games05/21/2013 - 7:11pm

Andrew Eisen: Well, I was right. Both Sony and Microsoft's consoles will be out by the year's end and both will be significantly more powerful than the current gen.05/21/2013 - 5:06pm

james_fudge: thnx05/21/2013 - 4:47pm

Zen: Just to let ya know...you called it the "Xbox 260" in the backwards compatibility article lol.05/21/2013 - 4:26pm

Zen: @PHX Awesome, I will hit those up after class tonight. Going back to college finally! :) My kids have had a blast telling ME to do my homework now lol.05/21/2013 - 4:19pm

PHX Corp: @Zen I sent you a friend request on both PSN and XBL, just a heads up05/21/2013 - 4:16pm

Zen: I noticed it with the football players when EA showed off Madden as well.05/21/2013 - 4:11pm

Zen: Is it just me or is call of duty hitting the "uncanny valley" with their nicely modeled faces and dead looking eyes? I found it distracting and seemed actually "less" real to me lol.05/21/2013 - 4:10pm

james_fudge: it sounds like if you have an HD reciever you'll be able to use it with a pass-through cable... not 100 percent sure yet05/21/2013 - 2:41pm

james_fudge: happening now http://majornelson.com/2013/05/21/xbox-one-architecture-panel/05/21/2013 - 2:20pm

E. Zachary Knight: Some reading material for Microsoft on its used games blocks. That will hurt the console more than helping. http://ezknight.net/?page_id=20505/21/2013 - 2:18pm

james_fudge: yeah good luck with over the air TV05/21/2013 - 2:12pm

E. Zachary Knight: But what if I want to only watch over the air tv? I don't subscribe to pay tv. I never will. If that is a requirement, then MS wasted 45 minutes telling me how great TV will be.05/21/2013 - 2:08pm

james_fudge: EZK it will depend on your provider, just like HBO Go i'd imagine.05/21/2013 - 2:05pm

PHX Corp: @IanC there's also a chance that those titles might be Xbox one exclusive, but it's too early to tell afaik05/21/2013 - 2:03pm

IanC: @E. Zachary Knight - MS certainly got the checkbook out for EA, so no surprise on how negative they are over the Wii U.05/21/2013 - 1:54pm

MaskedPixelante: So now I have to wonder, how many of EA's games are skipping the PS4 because of their pro-used stance?05/21/2013 - 1:53pm

E. Zachary Knight: On the TV front, does the XBox One require a cable/satellite subscription or will I be able to use my over the air channels?05/21/2013 - 1:48pm

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