After failing to pay off its debts - and with stock recently plummeting by 64 percent - social game developer Zattikka has begun to sell of assets to alleviate some financial pressure.
Zattikka has agreed to sell of Sneaky Games - the team behind Arena of Heroes - to Seal Gaming, while animation Studio Concept Art House has been sold to CAH Holdings Group.
Everything must go
The move comes as a result of the firm entering administration, with joint administrators David Dunckley and Ian Corfield of Grant Thornton UK LLP looking to cover Zattikka's debts with the assets it still has in hand.
Indeed, the company has also completed the sale of 'key assets' from browser-based gaming subsidiary Hattrick and online role-playing game Popmundo to Hattrick Limited - a group that previously sold assets to Zattikka in April 2012.
As a result of the fire sale, debt has been reduced by approximately $14.5 million, with net indebtedness now standing at $2.5 million.
Zattikka's shares will continue to be suspended from trading on the London Stock Exchange while the company remains in administration.
News
What do you call someone who has an unhealthy obsession with video games and Sean Bean? That'd be a 'Chris Kerr'. Chris is one of those deluded souls who actually believes that one day Sean Bean will survive a movie. Poor guy.
Top Stories
News
5 hours, 25 minutes ago
Subway Surfers Classic update set to take players back to the game's origins
News
5 hours, 25 minutes ago
A third of developers implementing new payment options in face of Digital Markets Act’s $18 billion opportunity
News
5 hours, 55 minutes ago
More Xbox cutbacks hit ZeniMax with only Microsoft’s mobile ventures now unscathed
News
7 hours, 25 minutes ago
Chinese publisher iDreamSky opens office in Riyadh for first international expansion
News
5 hours, 25 minutes ago
A third of developers implementing new payment options in face of Digital Markets Act’s $18 billion opportunity
Feature
May 7th, 2024
Mobile Mavens: The industry has its say on Squad Busters ability to draw in “untapped audiences” with its “influence from a range of genres”
Feature
May 7th, 2024
Hot Five: Supercell’s Squad Busters supremacy, Brawl Stars bounces back, and a games industry journey at King
Events
Valencia Indie Summit 2024 | Europe | May 16th |
Digital Dragons | Europe | May 19th |
Mobidictum Meetup Tallinn May 2024 | Europe | May 21st |
Israel Mobile Summit 2024 | Middle East | Jun 6th |
Future Games Show 2024 | Jun 8th | |
PC Gaming Show 2024 | Jun 9th | |
WN Conference Istanbul 2024 | Jun 11th | |
DevGAMM Vilnius 2024 | Europe | Jun 14th |