Dutch-based publisher Playlogic has filed for bankruptcy, according to documents from the US Securities and Exchange Commission. Yesterday the company told the press, who had caught wind of its financial straits, that it was not going bankrupt. But late yesterday the board of directors confirmed it had voluntarily entered into "surseance van betaling," – apparently the Dutch equivalent to Chapter 11, for both Playlogic International and its development studio Playlogic Game Factory.
The company blamed a combination of "Tough market conditions, late payments by large customers and delays in projects" as the cause for the filings. One of the big companies that Playlogic alluded to was distribution partner Koch Media, which Playlogic is suing for unpaid bills totaling €1.7 million. Add to that a first quarter loss of $2.2 million, and a $20 million loss for the full 2009 financial year, and it is easy to see why Playlogic is struggling to stay alive.