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Playlogic files for bankruptcy

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Dutch publisher Playlogic has hit hard times, forced to file for bankruptcy in light of financial troubles including cash flow problems and loan defaults.

In the US equivalent of Chapter 11 bankruptcy, Playlogic has filed for surseance van betaling in the Netherlands as Gamasutra reports.

The Fairytale Fights published has been on a precipitous financial decline the last few months. Exacerbating the company's inability to pay its bills is pending litigation against Austrian company Koch Media for 1.7 million Euros. that Playlogic insists it's owed.

One filing proscribed a bleak outlook. "There is substantial doubt about our ability to continue as a going concern."

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