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Liquidation

Maker of Gizmondo Handheld Game Device Goes Into Liquidation

Authored by Mark Hefflinger on February 8, 2006 - 4:37am.
London - Gizmondo Europe, a unit of Florida-based Tiger Telematics and maker of the Gizmondo handheld game device, has been ordered into liquidation by the U.K. High Court, which recently refused the company's application for bankruptcy protections. Gizmondo Europe employees will be laid off, and sales of its assets are expected to bring $72 million, according to an SEC filing. Since launching in Europe six months ago, the company has reported sales of only about 5,000 consoles, and has not provided sales figures for the U.S. market, where the device went on sale in October at kiosks in 10 shopping malls. Tiger Telematics CEO Michael Carrender told The New York Times that the company is attempting to raise $30 million in emergency financing from a Swiss equity group to continue its U.S. operations, but the company said in the SEC filing that it is also exploring strategic alternatives that include a sale of the company. "Gizmondo did not fill a need," Wedbush Morgan Securities research analyst Michael Pachter told The Times.
tags: Games | Deal | Gizmondo | Liquidation |

Recoton Corp. Files for Chapter 11; Plans Total Liquidation

Authored by Mark Hefflinger on April 10, 2003 - 2:27am.
Lake Mary, Fla. -- Recoton Corp., a developer of consumer electronic accessories, audio products and video gaming products, has filed for Chapter 11 bankruptcy. The company plans to sell all its remaining assets and businesses. Recoton said that it has arranged for financing from Heller Financial Inc. and General Electric Capital Corp., the company's two senior lenders, to continue operations as it searches for buyers. Recoton said that it expects to sell all of its assets by the end of June.
tags: Chapter 11 | Liquidation | Recoton Corp |