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Target Games has issued a statement concerning its "reconstruction," a process
similar to a U.S. "Chapter 11" bankruptcy proceeding.
The statement is in Swedish, but we understand the essential points
to be:
- Target Games has applied for company reconstruction.
- If the court so decides, the company has 90 days to perform the
reconstruction.
- The reason is that the company is out of money, and is required
to begin bankruptcy negotiations.
- The Board of Directors believes that the company has good
possibilities to perform the reconstruction, and thereby be able to pay off
the debts without necessarily going bankrupt.
- This will be done through the sale of stock from Target Games
Interactive, a subsidiary company. Target expects to raise 19 million
kronor, of which 12 million would be used to pay off the mother company's
debt.
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