3DO files for Chapter 11

3DO has announced that it has filed for Chapter 11 bankruptcy protection. The company will continue to operate normally under the “debtors-in-possession” provision in the bankruptcy code. “This filing gives us more time to complete transactions in the interest of our stakeholders," said Trip Hawkins, chairman and CEO of 3DO. "While we hope that this news will generate additional new opportunities, at this point we are focused on pursuing either the sale of the entire company or the sale of its assets."

We’ll post more on the story as it develops. The company is currently working on Four Horsemen of the Apocalypse.