Titus in trouble too..

Odin

Odin

Carbon Dated and Proud
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Following the suspension of Titus shares Titus released a statement, here's what was posted (roughly translated thank to Jebus):<blockquote>LEGAL RECTIFICATION!

There are plenty of reasons to be alarmed by Titus' current health status. When the quotation has been suspenced yesterday, at a final course of 0.16 €, today the video games producer announces that the Tribunal of Commerce of Meaux has placed the society and three of his daughters under legal rectification. Those daughters are Sofra Games (a development company), GIE Titus interactive (the administrative part of Titus) and Avalon France (distribution in France).

An observation period has been enstated, lasting until the 6th of September 2004. Negociations will continue, to yield certain activae and parts of the Titus group. One naturally thinks of the American entity Interplay, as cited in the official statement. (the last course of Interplay was 5 cents in the USA).

The quotation remains suspended untill further order. The stocks have lost 3/4th of their value since the start of the year.</blockquote>So now Herve really has a hard time!
Link: Titus Announcement, Titus newsbit 1, Titus newsbit 2
Thanks goes out to Briosafreak for informing us.
 
My translation from a newsbit that i think it`s a bit more clear:
New victim of the videogaming sector Titus Interactive and three of the company subsidiaries were placed yesterday in redressement judiciaire by the Commerce Court of Meux. Titus now has a period of observation of three months , until the 6 of September, in order to sell certain assets.
Trade of Titus shares was suspended yesterday waiting for this announcement. This suspension remains effective until further notice.
Click to expand...

Rough translation from this original in French
 
I believe the correct term for the French redressment judiciare is actually receivership.
Here's a definition (from Google) of that term, which I think is easier to understand by anyone not familiar with such terms

Receivership
a form of bankruptcy in which a company can avoid liquidation. The company reorganizes with the help of a court appointed trustee.

Anyway thanks to whoever spotted that tidbit on Titus :)
 
Titus declares bankruptcy

According to a Gamespot report posted today (6/08/2004), Titus has declared bankruptcy.

This was announced by Herve Caen, himself, who is currently under investigation by the French government concerning the finances of his company.

No word yet as to how this will directly affect Interplay.

www.gamespot.com/news/2004/06/08/news_6100200.html
 
Really makes me wonder if Herve finally realized that his past history of funneling monies into a dead end company, with no real franchises to speak of was a huge mistake.

I would truly love to be a fly on the wall when he's making his pitches

"Ezzzcuze me, vould you be intevested in porchusing ze Fallout lizenze? It vould be porfect for ze action shooterz! Did you play ze Run Like Hell? TRES MAGNIFIQUE!"
 
First the observation period is until 6 of September. Second Titus did not file for bankrupty, but is instead trying to sell assets to pay debt.
Redressement judiciaire in 90% of the case finishes with the company closing doors, but there are other 10% of success stories, one of those is Mandrake, that succeeded in restructuring and got the end of judicial administration last month.
 
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