3DO Files for Chapter 11
11:04 AM | Eddie Park | Comment on this story
The 3DO Company has issued a press release, which can be found at Yahoo! Finance, stating that it has filed for Chapter 11 bankruptcy protection. This news follows a financial statement earlier this year in which 3DO's net revenues for the last quarter did not meet expectations.
Trip Hawkins, CEO of 3DO, notes that though 3DO will continue to pursue opportunities, the main focus right now is on selling either the company itself or its assets. Under Chapter 11, 3DO will still be able to operate as usual:
The Company will continue to manage their properties and operate their businesses in the ordinary course of business as "debtors-in-possession" subject to the supervision and orders of the Bankruptcy Court pursuant to the Bankruptcy Code.As for what this means to Mac gamers, 3DO currently holds the rights to the Might and Magic series, including the upcoming Heroes of Might and Magic V. While HOMM V was mentioned as coming to the Mac in an interview reported on earlier this week, we don't know if this will change those plans, as the interview also mentioned that a contract had not yet been ironed out concerning the Mac version.
Yahoo! Finance - The 3DO Company Files Chapter 11
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