NEWS - Thursday, June 10, 2004

Interplay Back To Work

Employees of publisher Interplay have been allowed to return to work by the Californian authorities after the troubled company secured workers’ compensation insurance for them - but parent company Titus has declared bankruptcy in France. Operations at the Irvine, California headquarters of Interplay had been suspended last Friday by officers acting for the California Labour Commissioner, after it emerged that the company did not have insurance covering its employees, and had not paid them last month. Although no news has been forthcoming regarding the non-payment of wages, Interplay - and Titus - CEO Herve Caen acquired workers’ compensation insurance for the company earlier this week, allowing employees to return to work - although they still face the prospect of being evicted by landlord Arden Realty, to whom Interplay owes over $400,000. Meanwhile, Interplay’s French parent company, Titus, has declared itself bankrupt - going into a state which is described in French business law as "redressment judiciare," which means that its finances - and those of its Frence subsidiaries, distributor Avalon France and developer Sofra Games - will be reviewed by a court to see if the company can avoid complete liquidation, a process which generally involves wholesale disposal of assets. Shares in Titus were suspended on the Paris exchange to allow this process to get underway, and trading will remain suspended until it completes - expected to be in early October of this year.


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