Bankruptcy

Amp'd Mobile Files for Ch. 11 Bankruptcy Protection

Authored by Mark Hefflinger on June 4, 2007 - 11:01am.

Los Angeles - Amp'd Mobile, a mobile virtual network operator (MVNO) that targets a youth audience with its entertainment-focused mobile phone service, has filed for Ch. 11 bankruptcy protection.

Game Developer Acclaim Lays Off 600, Will File for Bankruptcy

Authored by Mark Hefflinger on August 31, 2004 - 10:08am.

Glen Cove, N.Y. -- Struggling video game developer Acclaim Entertainment has laid off all 600 of its employees and will file for Ch. 7 bankruptcy on Tuesday, according to various published reports citing sources within the company. Acclaim was unable to renew its loan with GMAC Commercial Finance, and unsuccessful in locating an alternative $65 million loan. Company CFO Gerald Agoglia told employees at the company's Glen Cove, N.Y. headquarters of the news late Friday, IGN.com reported; Acclaim also operated development studios in Austin, Texas and Manchester and Cheltenham in Great Britain. The company will not publish titles such as "The Red Star" and "Juiced," which were slated for release in September. Acclaim has suffered weak sales of its titles over the past year, and was also compelled to restate results from the past three years after discovering an accounting error. Acclaim shares were delisted from the Nasdaq last week after failing to meet Nasdaq requirements.

tags: Games | Acclaim | File | Bankruptcy |

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.

tags: Games | Nasdaq | Acclaim | Bankruptcy |

Game Publisher Acclaim Sued by Developer, May Face Bankruptcy

Authored by Mark Hefflinger on July 7, 2004 - 6:53am.

Reno, Nev. -- Video game developer BattleBorne Entertainment announced on Wednesday that it has won a preliminary injunction against the release of its "Combat Elite: WWII Paratroopers" title by publishing partner Acclaim Entertainment, which it sued for breach of contract. Nevada-based BattleBorne claims Acclaim failed to make payments and threatened to release the title before all payments were made. The news is just the latest woe for New York-based Acclaim, whose shares have dropped nearly 20% this week after the company revealed on Friday that it may need to seek bankruptcy protection if it cannot obtain new bank financing.

tags: Games | Developer | Acclaim | Bankruptcy |

Bundled Broadband Services Provider RCN Files for Bankruptcy

Authored by Mark Hefflinger on May 27, 2004 - 7:12am.

Princeton, N.J. -- RCN Corporation, a provider of bundled phone, cable TV and high-speed Internet services in major U.S. markets, announced on Thursday that it has filed for Ch. 11 bankruptcy protection, adding that it has reached agreements with key lenders to reduce its debt from $1.66 billion to $480 million. The New Jersey-based company said that Deutsche Bank Securities will provide $460 in new financing when it emerges from bankruptcy, expected in the fourth quarter of 2004. "We continue to believe that our strategy of selling bundled services over a broadband network will define the future of the industry," said RCN chairman and CEO David C. McCourt. "RCN can reduce its debt and emerge as a stronger, more efficient company, giving us a competitive advantage in the long run."

tags: Bankruptcy | Broadband Services | RCN |

Interactive TV Firm Liberate Technologies Files for Bankruptcy

Authored by Mark Hefflinger on May 3, 2004 - 3:28am.

San Mateo, Calif. -- Liberate Technologies, a provider of interactive TV software and services, announced on Friday that it has filed for Ch. 11 bankruptcy, in order to "resolve certain outstanding liabilities, reduce costs and strengthen its financial position," the company said. Liberate, which makes software used in advanced cable TV set-top boxes, reported $222.3 million in cash and short-term investments and $21.7 million in liabilities. The company has recently suffered an SEC probe into its accounting practices and management turnover, but said it expects to emerge from bankruptcy within 4-6 months.

tags: TV | Interactive | Liberate Technologies | Bankruptcy |

Pop-Up Ad King, Wireless Camera Seller X10 Files for Bankruptcy

Authored by Mark Hefflinger on October 23, 2003 - 10:24am.

San Francisco -- X10 Wireless Technology, the seller of miniature wireless video cameras that launched one of the most massive pop-up ad campaigns ever on the Internet, has filed for Ch. 11 bankruptcy with the U.S. Bankruptcy Court for the Western District of Washington. CNET News.com reported that X10 this week was ordered to pay $4.3 million in damages to a company, Advertisement Banners.com, which sued X10 for using its technology that serves "pop-under" ads without authorization. Kent, Wash.-based X10 said its assets were between $1 million and $10 million, and that it owed creditors between $10 million and $50 million.

Sonicblue Files for Bankruptcy, Looks to Sell Assets for $52.5 Million

Authored by Mark Hefflinger on March 21, 2003 - 4:35am.

Santa Clara, Calif. -- Debt-laden consumer electronics firm Sonicblue on Friday announced that it has filed for Chapter 11 bankruptcy protection in federal court in San Jose, Calif. The company also said it has signed a letter of intent to sell its ReplayTV digital video recorder business and Rio portable digital audio player business for $40 million to D&M Holdings, the parent company of Japanese audio equipment firms Denon and Marantz Japan. Additionally, Sonicblue intends to sell its GoVideo electronics unit to Opta Systems, a subsidiary of Carmco Investments, for $12.5 million. It also reported receiving $4 million in financing to continue operations. "We have great confidence in our business units, and worked to develop a plan that would permit Sonicblue to continue operating within the significant constraints imposed by our debt and legacy liabilities," said Sonicblue CEO Gregory Ballard. "In the end, we and our financial advisors have concluded that the best outcome for our creditors and our employees is to sell our businesses to better heeled owners." Santa Clara, Calif.-based Sonicblue reported $305 million in debt at the end of 2002, roughly equal to the value of its assets. http://biz.yahoo.com/prnews/030321/sff019_1.html http://www.sonicblue.com

tags: Bankruptcy | Assets | Sonicblue |

Satellite TV Firm DirecTV Latin America Files for Bankruptcy

Authored by Mark Hefflinger on March 18, 2003 - 4:56am.

Fort Lauderdale, Fla. -- DirecTV Latin America, a subsidiary of Hughes Electronics that serves 1.6 million satellite TV subscribers in 28 countries, announced on Tuesday that it has filed for Chapter 11 bankruptcy protection. The company also announced the retirement of chairman Kevin N. McGrath, to be replaced by Eddy W. Hartenstein, and the appointment of Larry N. Chapman as its new president and chief operating officer. The company -- which blamed its current situation on "excessive fixed costs and a substantial debt burden during a time of economic deterioration throughout Latin America" -- will continue normal operations during the process, due in part to a new $300 million debtor-in-possession financing package from parent company Hughes.

tags: DirecTV | Satellite TV | Latin America | Bankruptcy |

XM Rival Sirius Looks to Avoid Bankruptcy with Large Recapitalization

Authored by Mark Hefflinger on March 4, 2003 - 1:55am.

Washington, D.C. -- Trying to stave off bankruptcy, New York-based Sirius Satellite Radio, the chief competitor to D.C.-based XM Satellite Radio, said on Tuesday that its stockholders have approved the company's $1.2 billion recapitalization. About 68 percent of shareholders voted in favor of exchanging $700 million in debt for common stock and $519 million in preferred stock for common stock and warrants. The company also plans to sell newly issued common stock to raise $200 million in cash. Sirius would be forced into bankruptcy if it cannot successfully complete its debt exchange offer, which expired at 5 p.m. The company, which has said that it needs about 3 million subscribers to break even, had about 30,000 at the end of last year.

tags: Sirius | XM | Bankruptcy | Recapitalization |