Hip Interactive goes bust
What now for forthcoming titles?
Canadian publisher Hip Interactive is facing bankruptcy after failing to secure a last minute investment that might have saved the company.
"Discussions with a third party to provide interim relief in respect of the company's immediate financing needs were not successful," the publisher said in a statment.
Hip executives warned investors last week that the company was struggling to pay debts, and had defaulted on its second loan. Primary investor Congress Financial Corp. then requested that the Canadian court declare the publisher bankrupt and an interim receiver was appointed.
As yet there's no word on what will happen to Hip's forthcoming titles, which were to include Call of Cthulhu: Destiny's End, George Romero's City of the Dead, Jackie Chan Adventures and Rugby Challenge 2006. However, it probably won't be long before such high profile titles are snapped up by one of Hip's former competitors. We'll keep you posted.