In der Kuerze liegt die Wuerze:Strategy First Under Chapter 11 Protection (PC)
Strategy First's success had a flipside, but who flipped the coin?
By Rainier Van Autrijve | Sept. 20, 2004
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Legal documents obtained from the Commercial Division of Quebec's Superior Court indicate that Strategy First filed for Chapter 11 bankruptcy protection on August 18, since it was unable to meet its financial obligations as they became due. According to financial statements from May 2004, the company has over $5 million in claims, and it is reorganizing its finances and operations with its creditors in order to settle its debts.
Strategy First was founded in 1988 in Montreal and grew to employ over 100 programmers, artists and marketing representatives in Montreal, Ottawa and London, England, by November 2002. Due to its financial difficulties, Strategy First has scaled back its operations and presently employs 16 people in Montreal, although in the event its restructuring is successful, it intends to employ approximately 40 people. Debts include over $30,000 USD in unpaid rent (probably for the office lease) and over $80,000 USD to the Canadian Government while employees are still owed around $48,000 USD. Aside from the approximate total of $4 million USD owed to various investors, Strategy First's biggest debt is the $1.7 million USD in royalties owed to game developers around the world.
Strategy First started a rapid growth after its financial success in 2001, reporting profits of almost $1.5 million ($1.2 million USD) on sales of $17.3 million ($13.3 million USD). Strategy First proceeded to expand rapidly over the course of 2002 and by November of that year, it had over 100 employees in three offices. The expansion program involved greatly increasing the internal development of new titles, acquiring the rights to publish additional third-party titles, and securing additional investment in order to finance its growth.
In November 2002, Societé générale de financement du Québec (SGF) proposed an investment of approximately $14 million ($10.8 million USD), originally due to be disbursed in early 2003. In the meantime, sales for the 2002 Christmas season were disappointing, with many of the recently acquired third-party titles failing to meet expectations. In December 2002, they scaled back their operations, laid off employees, and consolidated its Ottawa facility with its head office in Montreal, losing numerous key employees to other software firms in the process. Strategy First also lacked sufficient capital for necessary public relations and marketing activities, which led to a further downward spiral in sales.
In February 2004, Strategy First was officially told that the SGF investment would not be completed, but by that time, had largely abandoned internal development in order to focus on publishing - its core business.
Strategy First has already implemented several stages of its operational restructuring, including scaling back operations, reducing operating costs, and laying off employees. In order to complete its operational restructuring, Strategy First needs to recommence advertising, maximize foreign and domestic licensing opportunities, and reorganize product distribution and public relations activities.
Strategy First's reduced operations now generate a positive cash flow, and it expects to collect approximately $1.3 million ($1 million USD) in accounts receivable which will permit it to fund operations (although collections will not begin to be collected until November, December and January 2005). In order to overcome its cash shortage, it has prepared the outline of its financial restructuring, which involves: the termination of its lease and any unprofitable contracts, the gradual reduction of its secured debt to its banker and other secured creditors out of future revenue, the realization of its tax losses, and additional outside investment.
Reports earlier today indicate that Strategy First may be making an announcement regarding its first title in several months, as well as the signing of a new distribution deal.
SFI ist Insolvent. Die Firma hat vor 1 Monat die Insolvenz in Kanada gemeldet. Jetzt faellt der ganze Bazaar unter 'Chapter 11 Protection'. Was das ist, ist noch nicht ganz klar. Wenn es so aehnlich wie die Chapter 11 in den USA ist, dann wird die Firma neu verwaltet, man versucht die Unkosten zu begrenzen, kriegt billig Geld geliehen, und wenn sie aus der Patsche raus ist, darf sie normal weiterlaufen. Ich hoffe dass das in Kanada gleich ist.
Wenn nicht, werden alles was SFI von Besitz hat versteigert, und mit dem Erloes werden die Schuldner bezahlt. Das heisst auch die Lizenzen, wie die von Jagged Alliance kommen unter den Hammer und werden an den Meistbietenden verkauft. (Muss noch genauere Nachforschungen anstellen, hab ein paar Tips gekriegt dass die Sache nicht ganz so einfach ist)
Tja, der Jagged Alliance Fluch geht weiter.
Wenn ihr mehr Hintergrundgeschichte lesen wollt, dann schaut euch mal den Thread an:
http://www.ja-galaxy-forum.com/ubb/ulti ... 7;t=000149
Tja, schoene Scheisse halt. Und ich bin scheinbar Nostradamus... *sigh*
hat doch auch was 
.
Äh gestern hieß es noch nein und heute ja ?! 
Die Smilies benötige ich, um meinen Senf zu finden... 
3D != Ego-Shooter-Perspektive... (könnte sein, muss aber nicht)
"I believe in the golden rule. The man with the gold . . . rules!" - Mr.T 
