SNK - pretty fucking broke

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fomaman

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[EDITOR'S NOTE: The beginning of Dark Times of SNK.]

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Sidez

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(Amusement Press, Gpara.com -10/02/01) The district court of Osaka ruled in 10/01 to revoke SNK's application for Rehabilitation Bankruptcy, due to failure of paperwork.


SNK efforted to improve their financial situation since February, closing branch offices and liquidating stocks under Aruze's control. After requesting for a tax extension in March 8th, SNK determined their financial situation too sever to reestablish on its own. In April 2nd, SNK applied for Rehabilitation Bankruptcy in the court of Osaka to have their debt deducted. SNK's debt was estimated at 38 Billion Yen at the time of the request.

SNK was ordered to report its reestablishment plans to the court of Osaka by 9/28, but could not present its writings due to conditions. As result, the Osaka court ruled in 10/01 to revoke SNK's application for Rehabilitation Bankruptcy, sending an administrative order and appointing an assignee for legal purposes.

Once the overturn of SNK's Rehabilitation Bankruptcy is settled, Bankruptcy is scheduled to be declared. A stockholders meeting for SNK has been scheduled by Aruze in 10/11 to appoint ten of their employees as new SNK executives. Aruze is currently SNK's major stockholder; 50.9% share.

SNK's latest game announcement with Eolith, "The King Of Fighters 2001" will be released as scheduled. No details have been announced as to its new distributor.

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BRANDI

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<IMG SRC="smilies/crying.gif" border="0"> <IMG SRC="smilies/crying.gif" border="0"> <IMG SRC="smilies/crying.gif" border="0"> <IMG SRC="smilies/ohno.gif" border="0"> <IMG SRC="smilies/ohno.gif" border="0"> <IMG SRC="smilies/ohno.gif" border="0"> <IMG SRC="smilies/ohno.gif" border="0">
 

BryLmoo

AES Contact Cleaner, Extraordinaire!!!,
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Hey Shawn, What do you have to say about this matter? I wouldn't like to see SNK bail out now...that would really blow...

Bryan
 

Fran

today forever
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this sucks...

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Mystery

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<IMG SRC="smilies/ohno.gif" border="0"> <IMG SRC="smilies/frown.gif" border="0"> <IMG SRC="smilies/crying.gif" border="0"> <IMG SRC="smilies/crying.gif" border="0"> <IMG SRC="smilies/frown.gif" border="0"> <IMG SRC="smilies/ohno.gif" border="0">
 
D

DRUNKEN SHAOLIN DEVIL

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yea and they re released metal slug 3 too huh...man
 

Scalpeur

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This time this the end......
...how sad.... <IMG SRC="smilies/crying.gif" border="0">
 

7zark7

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I wonder why they didn't file the paper work they needed to....

It would be nice to see a official release about this from snk that is a bit more...clear....I don't understand why the shareholders would need to appoint a new set of execs, or if azure is the controlling shareholder what proposals/options are left...

It seems that if they sell snk that the buyer gets the debt...is that right?

When is it REALLY dead I guess is the hard question.
 

FeelGood

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Here's a hint for SNK => stop making pachinko games on the NGPC. Who buys that crap?! I can understand the big pachinko machines, because that's gambling, and gambling's profitable, but not these dinky crap ass pachisuro pachislot crapity crap. Then there's the plan to switch over to multi platform gaming, which was genius for them to attept such at this crucial stage. There's way too much pressure form the investors (aruze) and the agency problem there is out of hand.
 

NeoTurfMasta

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OK, if SNK is not the distributor of KOF 2001, what exactly does this mean? Is SNK the sole producer of MVS carts/hardware? I am not aware of any other company that manufactures MVS hardware. Does this mean it could be put on a system other then Neo? I am not familiar with the workings of the production of MVS carts... Can anyone shed some light on this subject?
 

RyoGeo

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God DAMMIT! Just when things were starting to look good again. FUCK! <IMG SRC="smilies/mad.gif" border="0">
 

jeff bogard

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i think that if they break from aruze then they are a company alone again and the only way to get back to the gaming industry would be to ally with big names like nintendo and be 2nd party developers. like rare and left field. but instead be part of either sony or microsoft. i think that move would help the company i have no idea i only pray that my favorite company won't go broke.

ifox
 

Kim Kaphwan

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WHY GOD, WHY? Shit, this just sucks ass. Does it have to end like this. It's a dream, right? Tell me it's a dream?
 

ThePunisher

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NNNOO!! I hope this isnt true. <IMG SRC="smilies/crying.gif" border="0"> <IMG SRC="smilies/frown.gif" border="0"> <IMG SRC="smilies/crying.gif" border="0">
 

Sifl

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These are black days for all of us. Let's all show our support for SNK and open our wallets.
 
S

SilentNinja

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Is this some kind of joke....? <IMG SRC="smilies/eek.gif" border="0">

I thought this whole bankrupt thing was over....
 

LWK

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SHUDDAP!
SNK lives!
SNK is invincible, they have yearly death threats, this is casual and expected.
SNK lives on. I will give them the benefit of a doubt. NO company is full of surprises like SNK.
Have ye no faith!??!?
KOF 2001 is coming, and GAROU 2 will come as well, SNK would not abandon a fan base that they have supported years after 2D was declared "dead"
Have faith in the company that has had faith in you.
I will get my Garou 2, no matter what happens.
Hell and high water.
 

NeoDragoN

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This not going to happen something will happen i have a gut feeling something WILL happen trust me...........
 
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Caris Nautilus

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SNK's been broke for years, you don't just tally up a 38 billion yen dept in a couple weeks.
 
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SilentNinja

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Put KOF2001 to the US please....I"m getting tired of all this BS and threats. I have no problem with SNK's financial reestablishments.
 

LWK

Earl of Sexyheim
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Originally posted by NeoDragoN:
<STRONG>This not going to happen something will happen i have a gut feeling something WILL happen trust me...........</STRONG>

Amen brotha, people except the negative to quickly.
SNK can't die, that can't happen.
End of fucking story.

THE FUTURE WILL ALWAYS BE NOW!
SNK!!!!!
 
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