Beleaguered publisher JoWood has been struggling for a number of years and it seems that they are on the brink of throwing in the towel. They had been trying to generate capital and equity but it appears they have been unsuccessful. The company has filed for insolvency (bankruptcy) with Vienna’s commercial court, citing the need for a “procedure of capital reorganization.”
It may not be the end for the publisher – their board believes they can continue to operate once concluding discussions with investors and creditors “within 90 days.”
JoWood isn’t going down without a fight either – they are suing publisher Koch Media, claiming they are owed US3.04 million in underpaid shares stretching back to 2006. “With a view to JoWooD’s strained financial situation and based on corporate law considerations, the company’s management board today decided to file the law suit in the company’s and its shareholders’ interest,” said JoWood.
JoWood was formed in 1995, and since then they have published a number of game franchises, including AquaNox, Gothic, Neighbours From Hell, SpellForce, Painkiller, and Torchlight.
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