Just over 12 months after falling into reconstruction on December 3rd, 2018, Swedish games firm Starbreeze's reconstruction has been approved.
The company announced the news on its website, saying that the Stockholm District Court had given the thumbs up on December 6th, 2019, something that followed three three-month extensions to Starbreeze's reconstruction process.
“Today, we are delighted and proud to announce that we have successfully completed the reconstruction process,” acting CEO Mikael Nermark said.
“It has been a toilsome journey for the entire company over the past twelve months, but we are very pleased to have gained the creditors’ confidence and have succeeded in reclassifying the majority of our debts to long-term to be repaid over five years. We have also succeeded in positioning the company in a situation where we can look forward to the future and focus on our core business – to develop games within the Payday franchise. Together with all our employees, I look forward to reaching a publishing agreement for Payday during the first half of 2020 via the ongoing dialogues we’re currently in, and to develop the game into a worthy sequel to the series together with a respected partner. Our most important brand has great potential to provide the company with a stable foundation for decades to come. I would like to thank our Administrator Lars Söderkvist and the entire team at WSA Lawfirm for the collaboration."
On the same day, Starbreeze announced that as part of this reconstruction process that it was halting work on the Crossfire title it was working on for Korean games firm Smilegate. Starbreeze will be posting an "impairment loss" of kr111m ($11.7m) as a result.