Following the headline news that OnLive's assets had suddenly been transfered to a new company comes the detail.
According to the Mercury News, OnLive had debts of between $30 to $40 million and was days away from running out of cash.
Insolvency Services Group was bought in at the last minute on behalf of the creditors.
Flip, reverse it
OnLive's assets were transfered to ISG to ensure the game streaming service continued to run.
"Something had to be done immediately or there would have been a hard shutdown, which would have been a disaster," said ISG's CEO Joel Weinberg.
ISG then sold the assets to a new company - confusingly also called OnLive - which had been set up by OnLive investor Lauder Partners.
This means that creditors - although not investors such as HTC and British Telecom - will receive some cash, but likely only 5-10c for each dollar owed.
[source: Mercury News]
News
Contributing Editor
A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.
Top Stories
News
1 hour, 45 minutes ago
Devsisters’ Chris O’Kelly talks upselling IP to fans across multiple games without cannibalization
News
4 hours, 30 minutes ago
Google hit by £13.6 billion lawsuit over alleged "self-preferencing" and anticompetitive behaviour
News
1 hour, 45 minutes ago
Devsisters’ Chris O’Kelly talks upselling IP to fans across multiple games without cannibalization
Feature
8 hours, 30 minutes ago
Hot Five: Squad Busters’ supercharged launch, Pokémon’s record revenue, and Star Wars: Hunters finally hits the target
Events
Tribeca Games Festival 2024 | North America | Jun 5th |
Steam Next Fest: June 2024 Edition | Jun 10th | |
WN Conference Istanbul 2024 | Jun 11th | |
GamesForum Hamburg 2024 | Europe | Jun 11th |
ESI London 2024 | Europe | Jun 13th |
Game Con Canada (GCC) 2024 | North America | Jun 14th |
Indie Dev Play 2024 | Europe | Jun 14th |
DevGAMM Vilnius 2024 | Europe | Jun 14th |