July 9th, 2007 by Anonymous Blogger Posted in Companies & M&A | No Comments »
The soap surrounding Oasys’s financial problems seems far from over as directors leave and dept deadlines aren’t met. Will this be the end of Oasys Mobile?
The US based mobile content and mobile games company Oasys has announced not to be able to pay a $ 8 million debt at the end of last month. The lenders (LAP Summus Holdings, LLC and RHP Master Fund) announced to seek a solution with the creditors for this crisis.
Before, Oasys already announced not to be able to pay off its debts last April and has been seeking for a buyout and other ways to raise the money as well as eliminating running costs. Last year, Oasys started restructuring which already led to a decrease in loss and increase in revenue in their Q1 financial results.
Also, Oasys announced the loss of two directors from the company. J. Winder Hughes and Stephen Finn have resigned from the suffering company. No reason was given for the resignations, but Oasys does state there where no disagreements between the directors and the company.
Recently, Oasys closed a deal with TAG Games for the US distribution of Dead Water under the Houdini brand.
