European developer and publisher JoWooD Entertainment has entered a state of insolvency.
The Austria-based firm announced on its corporate website that “all efforts towards restructuring of capitalisation concerning outside capital as well as equality capital had to be considered as failed”. As such, it has declared material insolvency.
JoWooD has applied to the Commercial Court Vienna for a procedure of capital reorganisation. It expects negotiations with creditors and possible investors will be finalised within 90 days, enabling the company to recommence trading.
The publisher is best known for titles such as Arcania Gothic 4 and Torchlight.