#2: Mar 31st 2017 at 10:54:37 AM
Aw, that sucks :( I think I had one of their controllers back with the original Xbox.
That is the face of a man who just ate a kitten. Raw.
Druplesnubb
Editor of Posts
Since: Dec, 2013
#3: Mar 31st 2017 at 12:17:34 PM
What did they do, exactly?
Memers
Since: Aug, 2013
#4: Mar 31st 2017 at 12:24:11 PM
3rd party controllers, cases, and cords and such.
#5: Mar 31st 2017 at 12:41:07 PM
That's sad to hear. I have one of their mini Gamecube controllers, and it's a good product. Still works well.
32_Footsteps
Think of the mooks!
from Just north of Arkham
Since: Jan, 2001
Relationship Status: THIS CONCEPT OF 'WUV' CONFUSES AND INFURIATES US!
#6: Mar 31st 2017 at 1:37:12 PM
Alas Mad Catz. Always there when I was in a bit of a budget crunch, or if first-party controllers were sold out.
I was never fond of their builds (always a bit too flimsy for my tastes), but they hung in there way longer than I ever anticipated.
Reminder: Offscreen Villainy does not count towards Complete Monster.
Total posts: 6
https://globenewswire.com/news-release/2017/03/31/947561/0/en/Mad-Catz-Makes-Voluntary-Assignment-in-Bankruptcy-under-the-Bankruptcy-and-Insolvency-Act-Canada.html
The Company also announced that all of the directors and officers of the Company have resigned effective as March 30, 2017.
As previously disclosed, the Company’s Board of Directors formed a special committee in 2016 to explore and evaluate strategic alternatives intended to maximize shareholder value, including a sale of the Company. The Company hired a financial advisor in connection with evaluating and pursuing strategic alternatives. The Company has been consistently pursuing its operational plan with the aim of increasing revenue and improving working capital.
The Board of Directors made the decision to have the Company make a voluntary assignment in bankruptcy after considering various strategic alternatives, the interest of various stakeholders of the Company as well as a number of other factors. The Board of Directors has been advised by the Company’s financial advisor and management that no viable strategic alternative in respect of a sale of the Company or other corporate sale transaction is being made available to the Company by any third party. In addition, the Board of Directors has also been advised that the Company’s lenders will not increase the amount of its credit facilities beyond the current levels.
Karen Mc Ginnis, President and Chief Executive Officer, stated that, “Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives, including various near term financing alternatives such as bank financing and equity infusions, as well as potential sales of certain assets of the Company or a sale of the Company in its entirety, the Company has been unable to find a satisfactory solution to its cash liquidity problems. The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”
Inquiries concerning the filings and proceedings should be directed to the attention of Fergal J. Rogers of PWC at the contact information noted below.