Fri, 26 Jul 2013 | ADMINISTRATION
Online games firm Zattikka is at risk of entering administration if it fails to meet its loan repayments next month.
The company revealed earlier this month that it is due to pay Hattrick a loan repayment of £275,000. Hattrick has now issued a demand for payment by the close of business on 2 August. Failure to meet the payment could result in further demands from Hattrick requesting the loan be repaid in full.
A statement from the company read: “In the event that the payment is not made by the Expiry Date, and without an agreement from the Hattrick loan note holders not to enforce their rights, the principal amount under the Hattrick loan notes (an amount of €6.4m) would become repayable in full within 2 business days of the Expiry Date.”
However, Zattikka has been advised not to make the August payment because it could cause problems if the business should enter administration: “The directors of the Company have received advice that the Company should not make the Interest Payment at this time, as this may, should the Company enter into administration, constitute a preference under the Insolvency Act 1986.”
Negotiations are continuing but the firm's future is looking far from secure.
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