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In these trying economic times, even the once thought to be “recession proof” game industry has been full of financial casualties. The latest of these is Playlogic, the company that published last year’s Fairytale Fights. According to an SEC filing (via Next Gen), Playlogic has “requested a delay of payments, ‘surseance van betaling’, the Dutch equivalent of Chapter 11, for its subsidiary Playlogic International N.V and her wholly owned subsidiary Playlogic Game Factory B.V.”  While this is unfortunate, there have been many signs pointing to this eventual outcome. For instance, the company reported a loss of $20.3 million for the year ending December 31, 2009. Also, the company stated “There is substantial doubt about our ability to continue as a going concern. If the company does not obtain any necessary financing, we may need to cease operations,” in its annual report in May. Here’s hoping Playlogic will be able to turn things around in the future. |