Acclaim bankruptcy now official

With debt of more than $100 million, Acclaim's trail of tears is now out of the rumor mill and into the hands of the US Bankruptcy Court.

Calling it "once one of Long Island's largest public companies," home town paper New York Newsday is reporting today that in a filing with the US Bankruptcy Court in Central Islip, New York, Acclaim Entertainment filed for Chapter 7 bankruptcy.

As reported yesterday on GameSpot, a Chapter 7 proceeding means the company seeks to liquidate all its assets in order to pay off as much debt as possible. Those are the final steps toward completely dissolving the corporate entity.

The dispatch carried today in Newsday said that Acclaim "listed assets of between $10 million and $50 million and debt of more than $100 million" when it presented documents to the bankruptcy court.

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8 comments
johnthegamegeek
johnthegamegeek

Acclaim was my favorite video game company next to Rockstar Games :)

Di3oxide
Di3oxide

IF U EVER LOOK AT THIS NOW AKKLAIM GAMES SHUT DOWN THERE SYSTEM AS OF AUGUST 26 2010.

mattyh09
mattyh09

maybe they are sliding back up slowly i just seen an advertisement for a game called "RanchStars" by acclaim

wwefanforlife
wwefanforlife

The reason why Acclaim went bankrupt was because of to many bad games i don't even miss the company

-jumpman-
-jumpman-

=O i loved turok, i havent herd of this till now =(