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Gothic publisher JoWooD Entertainment files for bankruptcy

Publisher JoWooD Entertainment recently filed for bankruptcy.  The Austrian company, which is most famous for publishing the Gothic series – and more recently, Torchlight in European territories – made a formal request to the Vienna commercial court for capital reorganization, a last resort for companies in financial trouble.


Above: An image from Gothic 3 (2006). The Gothic series has been commonly praised for its gorgeous visuals and jeered for its game-stopping bugs

But despite its financial woes, JoWooD expects to be able to engage in “successful discussions” with its investors and creditors “within 90 days.” News of the bankruptcy comes amidst a lawsuit with publisher Koch Media. JoWooD claims that Koch Media underpaid for about $6.4 million worth of shares, which JoWooD representatives say amounts to the tune of approximately $3.04 million owed.

According to a representative for JoWood, “a final court decision will be rendered only after tedious proceedings that could last for several years,” suggesting that the ongoing lawsuit with Koch Media won’t be resolved anytime soon.

[Source: GameIndustry.biz]

Jan 11, 2011