Sorry DaDakota ... Is it OVER? By Tony Smith 23rd January 2006 18:05 GMT UK-based Gizmondo Europe (GE) has decided to enter into administration, the UK's closest equivalent of Chapter 11 bankruptcy protection Gizmodos Swedish operation is expected to go the same way, US Securities and Exchange Commission filings reveal. The company, owned by US firm Tiger Telematics, will have its request judged by the court on 31 January. In the meantime, it is automatically protected from its creditors. The move does not affect Tiger itself or another subsidiary, Gizmondo USA, its parent says. Tiger said it has recently won a $5m bridging loan which it plans to re-invest in the UK and to restructure GE's debt. To this end, GE has cut its "monthly staff costs" by 50 per cent. That would suggest that half of the subsidiary's workers are now out work, but the company did not specify if the reduction amounts to redundancies, pay-cuts or both. Last year, Tiger reported net sales of $1.3m for the three months to 30 September 2005 and $2.85m for the first nine months of 2005, during which time it made a net loss of $264.6m, according to the company's filings with the SEC. The company posted a Q3 net loss of $44.5m. Last week, it emerged that Tiger is trying to secure $75m in funding, which it must put in place by 31 March under the terms of a deal struck with two of GE's creditors. ®
No, not over yet, and it was just discussed a couple days ago. http://bbs.clutchfans.net/showthread.php?t=107425&z=1
I am in the middle of all of this, I will have a lot to say if I decide to leave in the near future. I believe VERY strongly in the product, and especially the next generation one. However the executive managment must go for me to stay....even a lot of the shareholders agree. I may be starting over with a new gig, very soon, or I may just take a year or so off... This has been a very rewarding year financially, but miserable working for a VERY unprofessional organization. Probably reflects in my posts... Sorry. DD
