SNK Going Out of Business Again

The financially burdened SNK has been dealt a new blow that may finally spell doom for the struggling video game company. On April 2, 2001, SNK officially applied for tax exempt “Rehabilitation Bankruptcy” status with the Osaka judicial system. At that time SNK’s debt was estimated at 38 billion yen.

SNK was ordered to present their reestablishment plans to the court of Osaka by September 28th but failed to do so due to a “compelling situation.” As a result, SNK’s bid for rehabilitation bankruptcy was refused. SNK is expected to announce bankruptcy soon.

SNK’s latest game, King of Fighters 2001, largely developed by Eolith, will be released to arcades as scheduled.

Source: MadMan’s Cafe

Article courtesy of Scott Green