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Infogrames Gets Loan Extensions, Delays

Infogrames Gets Loan Extensions, Delays

March 28, 2006 | By Simon Carless

March 28, 2006 | By Simon Carless
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More: Console/PC

Troubled game publisher and developer Infogrames, last seen requesting an extension on deadlines for some of its interest payments, as it negotiates with banks for financial restructuring, has announced success in this measure, at least in the short term.

According to a Reuters report, the firm has rescheduled around 13.4 million euros ($16.12 million) of interest payments, which are now due on June 15 instead of on March 15th, and has also reached an agreement to delay a loan payment of some 23 million euros to June 15th, though it still owes further bills of around 5 million euros in the very short-term.

The deadline extension request continues to paint a grim picture for the company, which, alongside its U.S. Atari subsidiary, has recently undergone heavy layoffs and been warned about a possible delisting from the NASDAQ index. To help raise money, Infogrames apparently intends to sell off its internal studios, according to recent reports, as well as some undisclosed intellectual property.

However, the company, which has reported annual losses since 1999, continues to have mounting debt problems, and has already sold a number of its most prominent original IP or monetizable assets, including the Civilization franchise to Take-Two Interactive and its rights to Hasbro interactive games back to Hasbro, meaning that asset sales outside of its core studios will be increasingly difficult.

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