Index Corporation, the Japanese company that owns video game developer and publisher Atlus, today announced that it is filing for 'rehabilitation'.
The decision was settled on during a meeting with the company's board of directors today, and approved by a Tokyo District Court. Index has filed for Civil Rehabilitation, the Japanese equivalent of the Bankruptcy procedure.
Under this procedure, the company will continue to operate, while a court appoints a supervisor to oversee the implementation of the rehabilitation plan.
Index says that its expected revenues for the last few years have not risen in the way that it was expecting -- especially in overseas markets -- and as a result it has incurred heavy losses, and the company's financial condition has worsened.
With debt totalling 24.5 billion yen ($$249.7 million), then has now led to uneasiness from suppliers, says the company.
Atlus was previously dissolved into parent company Index Holdings
back in 2010. The studio is best known for role-playing game series Shin Megami Tensei
, and the Persona