Oasys out of Chapter 11

Oh, the bliss of creditor protection... US mobile publisher Oasys emerged from Chapter 11 after defaulting on a rather sizable $8m debt earlier this year. They had $2m in assets versus $11.8m in debt. Not good. Now they apparently managed to persuade investors to convert debt into equity and off they go again. It was all - more or less - pre-arranged: their investors Associated Partners and Rock Hill Partners had apparently agreed to swap debt for equity, and agreed some interim funding, which apparently allowed them to continue product development. Sitting tight in the interim, they now managed indeed what they had told, namely to emerge as the Phoenix from the flames. For how long? Heaven knows. They have announced a couple of titles but will find arguably not find it easy to compete against the ever tightening battlefield that is mobile game publishing. They had been quick to assure that they would continue "business as usual" and - in particular - would pay licensors pre- and post-restructuring, which will be crucial if they want to see the light of day.

UNO and Phil Hellmuth poker are good titles. Will they be enough though? Their investors seem to think so: the restructuring plan, which the investors apparently supported, foresaw to turn away from their attempts in the D2C market and want to run as a "normal" ASP and publisher. If they can win the carrier decks, this might just work. However, in the poker category, my dear employer's WPT Texas Hold'Em and Glu's World Series of Poker titles go strong, and Oasys will face an uphill struggle with their title. UNO could be cool though it won't be a home run either. Nonetheless: competition is good though! Go on, guys!


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