JoWooD declares insolvency

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.

About MCV Staff

Check Also

Games Careers Week launches March 26th to inspire diverse young people, parents and teachers to discover careers in games

26 March 2021 will see the launch of Games Careers Week, which will feature online events aimed at reaching millions of parents, learners, teachers and job-seekers.