Starbreeze Announces It Has Paid the Majority of Creditors
Only a couple of debts remain as recovery efforts seem to be paying off.
Starbreeze appears to be on the up after an official announcement has been published detailing that the developer and publisher has paid off most of its creditors. The company has been behind titles such as Payday 2, Dead by Daylight, and OVERKILL’s The Walking Dead.
“Starbreeze has through these payments settled all debts categorized as Supplier creditors and Small supplier creditors who were included in the reorganization plan.” the announcement reads, “After this debt settlement, only part of the debt to Nordea and debt related to Convertible bond and related refinancing costs remain.”
With OVERKILL’s The Walking Dead, the company had high expectations back in 2018 for the first-person shooter’s launch that’s based on the comic book of the same name. Unfortunately, the game didn’t do well, underperforming at launch, and resulted in Starbreeze having to review its costs. This also saw the company, in 2018, file for reconstruction with CEO Bo Andersson stepping down.
2018 also saw the company raided by Swedish authorities after it was under suspicion of insider trading. Last year, Starbreeze announced that it didn’t have the money to continue operating through the year unless drastic changes were made. It seems those changes have been paying off. As GamesIndustry.biz highlights, the company has made huge changes such as selling the publishing rights to System Shock 3, 10 Crowns, and saw Rockstar acquire Dhruva Interactive from Starbreeze. It was also reported that it had laid off a quarter of its staff in June last year.
In October of this year, CEO Mikael Nermark also stepped down from the company for personal reasons and has been replaced by acting CEO Tobias Sjögren. It was also announced in October that Payday 3 would be released sometime between 2022-2023.
It seems as if the company could very well have paid off its debts by the time the next Payday title launches, but it’s no lie that the journey has been an incredibly rocky one that it seems to be slowly recovering from.