Target Games Issues Reconstruction Announcement

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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.