Spellbound Files For Insolvency, Ravensdale in Trouble?
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Spellbound Files for Insolvency
Studio Leadership Actively Working on Recapitalization
OFFENBURG, Germany - March 21, 2012 Spellbound Entertainment AG has filed for insolvency at the Amtsgericht Offenburg, the result of an investment round breaking down in its final stages. Dr. Ulrich Nehrig has been appointed as the preliminary insolvency trustee and has already performed an initial audit of the company's finances. The audit found that the company had well advanced projects that had generated positive feedback from video games publishers indicating that there is a strong possibility of recapitalization.
The salaries of the 65 employees are secured during the preliminary insolvency proceedings and business will continue as normal. According to Dr. Nehrig, immediate investment proceedings will be initiated and his evaluation is that there is a very good chance of success.
About Spellbound Entertainment AG:
The Spellbound Entertainment AG is one of the leading German development studios for video and computer games located in Offenburg. Since 1994 Spellbound produces internationally successful and popular games such as Airline Tycoon, Desperados, Giana Sisters and Gothic 4 - Arcania. Spellbound is a licensed developer for all relevant hardware platforms such as Sony PlayStation 3, Microsoft Xbox 360, Nintendo Wii, Nintendo DS etc. Further information is available via the official web page: www.spellbound.de
