Gamasutra: The Art & Business of Making Gamesspacer
View All     RSS
September 30, 2014
arrowPress Releases
September 30, 2014
PR Newswire
View All

If you enjoy reading this site, you might also want to check out these UBM Tech sites:

 Spellforce  Euro Publisher JoWood Now Insolvent, Files Suit Against Koch Media
Spellforce Euro Publisher JoWood Now Insolvent, Files Suit Against Koch Media
January 7, 2011 | By Kris Graft

January 7, 2011 | By Kris Graft
More: Console/PC

Austria-based Spellforce European publisher JoWood Entertainment applied for capital reorganization in the Vienna Commercial Court this week, as the company declared insolvency.

"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 [January 6, 2011]," JoWood said in a statement Friday. "On the basis of this fact, material insolvency occurred with this date."

Management still hopes to keep the company running, despite its current financial status. The board said it "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."

Just days prior to the insolvency, JoWood filed a lawsuit against former game co-publishing partner Koch Media, demanding a payment of 2.36 million ($3.04 million), plus interest.

JoWood claimed that when it issued 6.4 million new shares valued at 6.4 million ($8.27 million) to Koch Media in a 2006 capital increase, those shares were overvalued. JoWood now contends that the new shares issued were only worth 4.04 million ($5.22 million), and that Koch now owes JoWood the difference, plus interest.

The publisher said management filed the lawsuit "in the company's and its shareholders' interest ... With a view to JoWood's strained financial situation and based on corporate law considerations."

JoWood said it believes its claim is "justified," but cautioned investors that a court decision will arrive "only after tedious proceedings that could last for several years."

Related Jobs

Raven Software / Activision
Raven Software / Activision — Madison, Wisconsin, United States

Sr. Gameplay Engineer - Raven
CCP — Reykjavik, Iceland

Director, Performance Marketing
Nintendo of America Inc.
Nintendo of America Inc. — Redmond, Washington, United States

Software Business Development Manager, Licensing
Respawn Entertainment
Respawn Entertainment — San Fernando Valley, California, United States

Senior Animator


John Petersen
profile image
That don't sound right to me. I don't think it's gonna fly.

Robert Horvat
profile image
Filing empty lawsuits is apparently Jowood speciality.

John McMahon
profile image
Man I dislike JoWood for how they handled the Stargate SG-1 game that would have been released on the Original Xbox. I don't wish the lost of jobs for people, but I hope they get their act together or change the industry they work in.

Robert Horvat
profile image