Last Friday GAME released this statement: “It said in a statement: “Further to this morning’s announcement of the suspension of trading in shares of GAME Group plc, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business.
“The board has therefore today filed a notice of intention to appoint an administrator. In the short term the Board’s intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium.”
GAME officially went into administration today, after the devastating financial collapse it experienced during the last few weeks. But all is not without hope, Majot British newspapers are reporting a bit from the Royal Bank of Scotland, one of GAME’s six lenders. They plan to absorb GAME’s £85 million debt into a “more slimmed down company”
US gaming giant Gamestop is also expected to throw in a bid, while OpCapita already has a bid on the table.
What does the future hold for GAME? No one is really sure, but with at least three non-trivial potential buyers, GAME will continue to exist but in what form?
