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Rage looks for cash injection

Publisher's bank threatens to call in overdraft

British developer and publisher Rage is in trouble again this week, with the Royal Bank Of Scotland threatening to call in the company's £6.2m overdraft if they can't get more funding in the near future, according to a report from the Financial Times yesterday. As a result the company will be holding a shareholders' meeting next month to approve the issuing of around 445,000,000 new shares. Given that these shares are worth just over 1p each at the moment that's not quite as impressive as it may sound, but it will provide enough loose change to cover the company's expenses for the next year and stop their bank from demanding their cash back. If for some reason shareholders refuse to back the move though, Rage could be put into adminstration this summer. Luckily this seems somewhat unlikely. Rage is now banking on one or more of its big releases finding success, with licensed games based on the Rocky movies and SAS veteran turned novellist Andy McNab expected on shelves by the end of the year, along with actioneer Twin Caliber and inline skating sim Rolling. In the more immediate future, an Xbox version of the previously unsuccessful David Beckham Soccer is being timed to tie in with World Cup fever, Transformers-inspired action game Gun Metal is due to arrive on the Xbox early in the summer, and online shooter Mobile Forces should be out this week for the PC. "If we don't have a big winner it is going to be a hard slog", Rage's managing director Paul Finnegan admitted, adding that "we have our fingers crossed". Related Feature - Rage losses grow

Source - FT.com

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