Titus Is Dead, Interplay Follows

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The Court of Commerce in Meaux has ruled the judicial liquidation of Titus and the filial companies. Interplay is thus also liquidated. The companies had been placed under judicial administration since the 7th of June 2004 and had benefited from period of grace until the 5th of February 2005. However, the court still decided to put an end to that period before it expired, as total passives of Titus exceeded 100 milions of euro.

Read the article at Gamekult (French), or the announcement quoted at Raging Bull.

Some of you would probably like to read the whole original announcement, so here goes the translation of the announcement at Raging Bull:

In a communicate issued on Wednesday, the video game publisher Titus Interactive announces that "after an intermediary audience during the period of observation, the Court of Commerce of Meaux has decided to pronounce the judicial liquidation of all entities of the Group placed under judicial administration since the 7th of June."

Companies concerned by this decision are for one part Titus Interactive SA (group holding), and for the other part Sofra Jeux SARL (game publisher), GIE Titus Interactive (administrative) and Avalone France (distribution).

Titus Interactive along with his three filial companies had been placed under judicial administration by the Court of Commerce of Meaux.

And here's the translation of the Gamekult article:

This is the end of the adventure for Titus Interactive. The Court of Commerce of Meaux pronounced on Monday the judicial liquidation of the French publisher and its filial companies, Sofra Jeux (publishing), Avalon France (formerly Virgin Interactive, distribution). Interplay, the American filial company held in 62.25%, is equally liquidated. Placed under judicial administration since the 7th of June, these companies had benefited from a grace period until the 7th of February 2005. However, the Court decided to put an end to this respite before the expiry: the total of passives of the Titus group exceeded 100 milions of euro for a turnover of less than 20 milions of euro, and estimated loss of 103 milions of euro in 2003. Founded in 1985, Titus knew its times of glory at the end of the 80-ies, the beginning of the 90-ies, with the games of the Crazy Cars series and Prehistorik Man.

[ January 06, 2005, 07:45: Message edited by: chevalier ]

 

Whee!

 

Good to know at least one person has read what I've translated for you... lol.

 

Don't worry - I read it too

 

Me too, and I LOVE IT.

 

thats cool well smth had to happen

 

So what's going to happen to Ballerium?