Mad Catz Interactive, Inc announced that, with the authorization and approval of its Board of Directors, it and its subsidiary, 1328158 Ontario Inc., made a voluntary assignment in bankruptcy on March 30, 2017.
The Company behind the Fight-stick and Rock Band 4 publisher, Rock Band 4 was a big flop for the company, contributing to a $11.6 million loss in the past financial year – down from a nearly $5 million profit the year before. The company was also delisted from the New York Stock Exchange last week.
The Company also announced that all of the directors and officers of the Company have resigned effective as March 30, 2017.
Karen McGinnis, President and Chief Executive Officer, stated that,
“Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives, including various near term financing alternatives such as bank financing and equity infusions, as well as potential sales of certain assets of the Company or a sale of the Company in its entirety, the Company has been unable to find a satisfactory solution to its cash liquidity problems. The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”