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PC Publisher bitComposer Files For Insolvency
German publisher bitComposer Games has filed for bankruptcy. The company responsible for mostly PC titles has enacted an insolvency procedure as of December 3, 2014.
Reason for the crisis is noted as being “the financial difficulties of its suppliers in game development,” which isn’t all too clear. It could mean that the development studios it was helping to release games didn’t have the necessary funds and neither did they.
Earlier, on September 26, bitComposer already had to apply for a protective shield procedure. This would stop creditors from collecting, while it would come up with a financing plan.
With regular insolvency now in place, the district court of Frankfurt has assigned Robert Schiebe of the Schiebe law firm as a preliminary administrator. Despite these issues, bitComposer states that they are “running smoothly,” while looking for a new investor.
This act of insolvency is similar to what publisher THQ underwent when it struck bankruptcy in December of 2012. THQ was not able to save itself amidst the tons of debts and eventually went out of business, selling off most of its assets in auction.
Publisher bitComposer has been quite active on the PC market since its inception in 2009. It has dozens of games currently on Steam.
Its latest title, Shadows: Heretic Kingdoms, exited Early Access as recent as November, after actually financing an extra chapter to the roleplaying game. Prior to that, bitComposer was responsible for games like the odd Jet Car Stunts, arcade shooter Thunder Wolves and strategy game Expeditions: Conquistador.