Publisher JoWood Has Issues

Aw shufflebugs, I hate it when I hear about good decent folk getting threatened to close up shop. Remember when I praised JoWood for their works? Well, it seems like this might be one of the last times, as they’ve recently declared insolvency.
 

The sleeper hit Torchlight in action; soon to be recognized on consoles.

For those unaware of the term, it’s when you state you won’t be able to pay your debts on the due date and basically have to shut down. In a press release they announced: “JoWooD Entertainment AG announces that all efforts towards restructuring of capitalization concerning outside capital as well as equity capital had to be considered as failed on 06/01/2011.” Things will need to be restructured and thus they have applied for capital reorganization in court.

This came a mere 2 days after JoWood filed a lawsuit against co-publisher Koch Media for overvaluing shares. They demand that the difference between the actual value and inflated value be repaid in their favor, at a price of €2.36 million (plus interests). At least it’s not a catastrophic figure is what yours truly thought, after seeing other, more drastic lawsuits. Although JoWood would like to be clear on the fact though that it does not solve their current issue as “a final court decision will be rendered only after tedious proceedings that could last for several years.”
 

JoWood's The Guild 2: Because, let's face it; you've always wanted to play a trollop.

There is a glimmer of hope for me and yours though, as JoWood stated: “The management board assumes that negotiations with creditors and possible investors can be positively conducted and finalized within 90 days and thus continuation of the company can be assured.” I sincerely hope they do, as they are responsible for publishing games such as Gothic, Painkiller, Spellforce, the recent hit Torchlight and my personal favorite, The Guild 2.

Daav Valentaten, NoobFeed.