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Peripheral maker Mad Catz ceases operations after filing for bankruptcy

No buyer found for peripheral maker
Peripheral maker Mad Catz ceases operations after filing for bankruptcy
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Peripheral maker Mad Catz has ceased operations after filing for bankruptcy.

Last week the company was delisted from the New York Stock Exchange after an unusually low stock price of $0.02.

The filing notes that the firm has called for the liquidation of company assets, while a certain number of other subsidiaries have already filed, or will file, for liquidation proceedings.

All company directors and officers resigned effective of March 30th 2017.

No buyers

In 2016, Mad Catz formed a special committee to explore a new strategy to “maximise shareholder value”, including the possible sale of the firm.

No viable strategic alternative or buyer was founded however, eventually leading to the bankruptcy proceedings.

“Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives, including various near term financing alternatives such as bank financing and equity infusions, as well as potential sales of certain assets of the Company or a sale of the Company in its entirety, the Company has been unable to find a satisfactory solution to its cash liquidity problems,” read a statement from Mad Catz CEO Karen McGinnis

“The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”