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Zattikka begins fire sale as bankruptcy looms

Social game company enters administration

Zattikka begins fire sale as bankruptcy looms
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.

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.