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Game Publisher Acclaim Faces Bankruptcy, Nasdaq Delisting

Authored by Mark Hefflinger on August 24, 2004 - 2:01am.
Glen Cove, N.Y. -- Video game publisher Acclaim Entertainment has announced that it will be forced to declare bankruptcy if negotiations with a new proposed lender fail to replace its existing credit facility with GMAC Commercial Finance, which expired on Aug. 20. Additionally, Acclaim said that the Nasdaq has notified it that its shares are in danger of being delisted from the exchange for failing to meet the minimum market capitalization requirements. Acclaim shares will trade on the Nasdaq Small Cap Market pending an appeal process of the Nasdaq's decision. Glen Cove, N.Y.-based Acclaim, known for its "All-Star Baseball," "NBA Jam" and "Dave Mirra Freestyle BMX" franchises, has struggled recently with weak sales of its game titles, in addition to several shareholder class action lawsuits and an accounting error that compelled the company to restate results for the past three years.
http://biz.yahoo.com/prnews/040823/nym167_1.html 
http://www.acclaim.com

tags: Games | Nasdaq | Acclaim | Bankruptcy |



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