Friday March 31, 2017

Gaming Accessory Maker MadCatz Files for Bankruptcy

Troubled accessory company MadCatz which was recently delisted from the New York Stock Exchange, yesterday made a voluntary assignment in bankruptcy. Yesterday also marked the effective resignation date of all off the company's directors and officers. PriceWaterhouseCoopers has been appointed to handle the liquidation of the company's assets.

If everything proceeds as usual, by Monday PriceWaterhouseCoopers should be announcing that La La land is the winner.

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The Board of Directors made the decision to have the Company make a voluntary assignment in bankruptcy after considering various strategic alternatives, the interest of various stakeholders of the Company as well as a number of other factors. The Board of Directors has been advised by the Company’s financial advisor and management that no viable strategic alternative in respect of a sale of the Company or other corporate sale transaction is being made available to the Company by any third party. In addition, the Board of Directors has also been advised that the Company’s lenders will not increase the amount of its credit facilities beyond the current levels.

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