According to New York Newsday, game publisher and developer Acclaim Entertainment has now ended the uncertainty over its fate by officially filing for Chapter 7 bankruptcy at the U.S. Bankruptcy Court in Central Islip, New York.
Acclaim listed assets of between $10 million and $50 million, and debt of more than $100 million in the filing. The company will now cease operating completely, and liquidate its assets in attempts to pay off the debt.
This final step comes after an unsuccessful attempt to secure a $65 million loan in order to continue trading. The company's offices in Glen Cove, New York; Austin, Texas and Manchester, England closed late last week, with many employees locked out of offices and missing paychecks.