Acclaim Goes Bankrupt

Longtime game industry company Acclaim will not be making any more games. The company filed for bankruptcy with the SEC today. Acclaim's stock was trading at two cents per share prior to the announcement.

Acclaim has been having a lot of trouble with the NASDAQ lately and were being threatened with delisting for failing to keep their stock price above $1 per share.

The nail in the coffin for the company was that it could not find a new lender after GMAC, it's chief financer, let a funding deal expire on August 20th without renewal.

The company filed Chapter 7 today in the Eastern District of New York. In that filing it listed assets between $10 million and $50 million and a debt of over $100 million. A Chapter 7 means the company will liquidate all it's assets in an attempt to pay off creditors and cease operations.

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