NEWS - Friday, July 2, 2004

Acclaim Facing Possible Bankruptcy

Acclaim released its fourth quarter results today, and was warned that unless it receives refinancing it could be faced with possible closure or bankruptcy. The publisher behind such titles as Alias, NBA Jam and Burnout 2 reported a net loss of $56.4million for the fiscal year ended March 31, compared to a net loss of $84.8million. However, while losses showed small signs of slowing, it was the liquidity section of the report that presented the most alarming statistics. The report stated: "Failure to obtain a new banking facility would materially adversely affect the company’s operations and liquidity and the company could be forced to cease operations or seek bankruptcy protection." Not exactly the most optimistic of reading, then. Acclaim currently has a reasonably busy schedule for the rest of the year, with the impressive-looking street racer Juiced ,due out in September for PS2, PC and Xbox, the pick of the bunch. It is also working on returning seminal RPG The Bard’s Tale to small screens this October. Let’s hope the company experiences a revival in fortunes soon.


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