[MUD-Dev] [NEWS] Artifact Entertainment going bankrupt?

[Luca Girardo]

Press release from Artifact
Entertainment http://www.artifact-entertainment.com/ :

ARTIFACT ENTERTAINMENT FILES FOR VOLUNTARY REORGANIZATION UNDER
CHAPTER 11 TO RESTRUCTURE DEBT

Horizons: Empire of Istaria Game Fans Will Experience No
Interruption in Play; Within Horizons, It=92s Business As Usual

July 16, 2004, Mesa, Ariz. =96 Artifact Entertainment, developers of
the award-winning massively multiplayer online role-playing game
(MMORPG) Horizons: Empire of Istaria, announced today that to
restructure its debt and strengthen its competitive position, the
Company has filed a voluntary petition for reorganization under
Chapter 11 of the U.S. Bankruptcy Code. This action was primarily
due to an inability to reach a mutually satisfactory agreement with
a key vendor.

The company is also in active discussions with other gaming industry
players, with due diligence underway by a seriously interested
company that may make an offer to acquire the assets of the company,
and retain key staff to maintain operations of its Horizons
game. Horizons has a worldwide following and is played by
tens-of-thousands of fans in nearly 40 countries spanning
territories in Asia, Europe and North America. Players are able to
download Horizons for a free seven-day trial and subsequently
subscribe to the game for a one-, three-, six or twelve-month
commitment period.  Artifact Entertainment President and Creative
Director, David Bowman, said, "Artifact Entertainment is a
wonderfully creative company. We have an excellent game subscriber
base through our Horizons property. We have been taking prudent
steps to improve cash flow during the past 7 months. Unfortunately,
we have not yet been able to reach a satisfactory agreement with a
key vendor. We strongly reiterate that Horizons fans and their game
play will not be affected by the Chapter 11 filing."
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