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August 7, 2020
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Starbreeze seeking to extend reconstruction period for a third time

Starbreeze seeking to extend reconstruction period for a third time

September 3, 2019 | By Chris Kerr

Payday 2 developer Starbreeze has asked the Stockholm District Court to extend its reconstruction period for a third time as it looks to chart a path forward. 

The struggling studio has been in dire financial straits since the underwhelming launch of Overkill's The Walking Dead, and back in May revealed it lacks the funds to operate for another year. 

It's a situation that resulted in significant layoffs, and also saw the company sell off key assets including the publishing rights to Psychonauts 2 and System Shock 3 in a bid to raise cash and buy time. 

The Stockholm District Court has previously granted the developer two extended reconstruction periods up until September 3, 2019, but now the company is seeking an additional three months. 

If the latest exertion is granted, Starbreeze intends to continue funneling resources into its core business of internal game development. 

"In the short term, our finances are now secured as we have divested assets belonging to our non-core segment which has generated liquidity taking us to the second quarter in 2020," noted acting CEO Mikael Nermark at the end of August

"The work with the long-term financing is on-going with multiple parallel tracks, while we at the same time are negotiating with our creditors. As an effect of the refocusing to our core business, game development with own IP, we have now taken actions on most of our non-core businesses."

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