Wed, 07 Aug 2013 | ADMINISTRATION
Troubled games group Zattikka has entered administration, having buckled under the weight of its debts.
It had been struggling to repay a loan of £275,000 to developer Hattrick, by the deadline of 2nd August. It emerged last month that Zattikka had been advised not to make the payment as this could cause additional problems if it entered administration.
David Dunckley and Ian Corfield of Grant Thornton UK LLP have been hired to take matters in hand and restructure the company. They were also appointed the administrators to Hattrick Europe Limited on the same day 5th August.
The London-based business has now sold some key assets to Hattrick Limited relating to the Hattrick and Popmundo games. It has also agreed to sell Arena of Heroes developer Sneaky Gaming LLC to Seal Gaming, and the animation studio Concept Art House to CAH Holdings Group Inc in a bid to settle its debts. The asset sale also includes a licence to use and adopt SNAP source code for internal uses.
After these disposals the business will have successfully reduced its debts and has met its total loan repayments to Hattrick.
Contact the administrators here
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Related information:
Zattikka at risk of administration
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