Dutch publisher and developer Playlogic has finally filed for bankruptcy after a torrid year that has seen it slip deeper and deeper into trouble.
The firm admitted as long ago as August 2009 that its long-term prospects were looking shaky, stating that its circumstances raise uncertainties about the company's ability to continue as a going concern”.
Gamasutra reports that the company has voluntarily requested a delay of payments” in a move that is the Dutch equivalent of Chapter 11. The move applies both to Playlogic's publishing and development operations.
Recent filings from the company attribute the struggles to a number of factors including, loan defaults, poor cash flow and overdue payments – though Playlogic also confirms that it is behind on some of its payments.
Due to the company's cash flow situation, we are behind on payments to some of our vendors,” it admits. Some of these vendors have gone legal to collect their outstanding receivables.”
Playlogic also claims that it is owed money by Koch Media, whom it entered into an agreement with in June of last year.