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Mad Catz Voluntarily Enters Bankruptcy

Category: General News
Posted: 11:49AM

On March 30, 2017, Mad Catz Interactive, Inc. voluntarily entered bankruptcy, with all of the directors and officers of the company resigning and the subsidiary Mad Catz, Inc. ceasing operations. This follows efforts by a special committee within the company to find strategic alternatives, such as selling part or all of the company. It appears none of these strategies would have satisfactorily solved the company's cash liquidity problems. Just a week before this announcement the process to delist the company from the New York Stock Exchange started after NYSE staff notified the company that stocks were at an "abnormally low trading price." Also, last year the Saitek brand of simulation game controllers was sold off to Logitech for $13 million, but apparently that infusion of cash was not enough.

Source: GlobalNewswire

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