Vienna, Austria, 7 January 2011; The management board of JoWooD Entertainment AG announces that all efforts towards restructuring of capitalization concerning outside capital as well as equity capital had to be considered as failed on 06/01/2011. On the basis of this fact, material insolvency occurred with this date.
Therefore today, JoWooD Entertainment AG applied for a procedure of capita lreorganization at the Commercial Court Vienna in accordance with Art. 167 IO/ Insolvency Statute.
Bond creditors of the 10% bond 2007-2011 (ISIN: AT0000A05TV0) are asked to report directly to the company (see queries reference) to be able to coordinate their rights.
The management board assumes that negotiations with creditors and possible investors can be positively conducted and finalized within 90 days and thus continuation of the company can be assured.
And so we wave goodbye to titles such as Gothic and The Guild. We’ll miss especially the latter and hope someone picks them up – as they had great potential. (Just flawed execution) As much as we’ve cursed JoWooD in the past for delivering unfinished and unpolished titles, we are sorry to see them go and wish all employees good luck in getting through this difficult period. RIP JoWooD.