Funcom, whats going on ?

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Originally Posted by Mellaus

Now i'm no expert in bankruptcy, but i have a hard time believing that FC creditors will just wait and not manifest themselves for another 6 months. Most likely, they'll jump on that dying animal and rip all they can off it.

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Here's the thing - based on the information published on their IR website (and remember that these are mandatory publications for listed companies), the loans which they won't be able to pay are only due in June 2016. So they likely still have some time. That said, you are certainly right that employees will be on the lookout for brighter shores.

See also the below article, which provides a little bit of detail on the likely schedule
http://www.gamer.no/artikler/funcom-...for-oss/191948

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Originally Posted by gamer.no (Google translation)

Just before the weekend reported Funcom that they want to bring in new money from investors, through merging with other companies or a potential acquisition.

Modest comes in the wake of a stock exchange release published in July, where the company talked about its problematic financial situation. It was told that the revenues from their games probably is not enough to keep the company going, since they also have to fulfill liabilities within June 2016.

- Taking all necessary steps

Director Ole Schreiner tells Gamer.no that the company is now working hard to ensure they get the opportunity to continue as before.

LEGO Minifigures Online has had to change.
- Ultimately it means hook on the door, but the company has taken and continues to take, steps to prevent that to happen. Everyone working in Funcom live and breathe games, and as a company we have worked with game development for over 20 years. This is a challenging industry, something everyone who works in it will be able to tell you, and this is a challenge we as a company have to work our way through, he writes in an e-mail.

He says that Funcom will be revealing more details about the situation during August and September. Evidently we get initial information dose August 26 - when adding the company presented its latest quarterly report.

Changed payment model

Funcom has over the past ten years focused particularly on massive online games of various kinds, and it is these games that have become the trademark of the Norwegian developer. The games have still failed to reach the expected goals, and Funcom have had to change both the hopes of revenue and payment models.

The Secret World sold below expectations.
MMO The Secret World ended up going from betting on subscription revenues to only charge for the game only 5 months after launch. The change came after the game sold less than expected.

Studio's latest project, LEGO Minifigures Online, also went recently through a major sales model change. When online game was launched in autumn 2014, it was free to play. Funcom focused then on getting the revenue from sales of LEGO figures. In July they made the game strongly, and then chose to go for a more traditional variant - buy the game once and play as much as you want.

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So they have 10 months to come up with a masterplan so they have the cash to pay their creditors.

It's not so bad for us players, but for a company, what you can do in 10 months is rather limited, even more so if in the last 7 years you've been unable to make work every single game you tried to launch.
Basically, they'll change the LEGO model, but it won't change the fact that nobody cares about that game and it's doomed to fail for obvious reasons. TSW is and will always be a niche game, so whatever. And as for AoC, it's been too long since anybody heard about it and it still suffers from the most terrible reputation because of its epic launch.

So in 10 months, with no money and a very small team, and terrible management as we've seen in the past, you can't do anything substancial for the games, and you can't develop a new one either. So it's just 10 months of trying to convince other parties to make a deal with you and that's it.

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Originally Posted by Rathothis

That Cetriss will be new to players is of no relevance to that question.

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Yes of course. I am affriaid about the T6 gear set. If we look at the repainted and incomplate set, if you look at the accessories and weapons that are still missing some of them from T5. Sorry guys, but I lost my faith! I am a subscriber now for 3 years. I bought 3 fully years and a couple of month. I bought all expasions but did not buy the Vanaheim expansion because I did not want to purchase a buggy and unfinished content for only a bear or a ring or something like that. It is just not worth the money for me. I would go to T5 if I have time for raiding, I would go to T6 because I do care the mechanics the tactics the fun and the joy on the one hand, but the other hand I do care the gear sets, the accessories, the weapons, how do they look, how are the stats in them, how much better than the previous one. If I look at the T5 sets I am sad about them. Only one ring, what?! Missing a heal blunt for Poms and Toses, what?! Only one kind of dagger and talisman for Demos and Necros, what? I can continue but it is pointless. This is a joke not a complete raid, it is just a fun raid. T4 was the last fully completed raid content in the game that after you finished you felt you are stronger than ever. You fight for all the pieces all the accessories month by month. After you finished it was a satisfying feeling and you could step to the next level. I do not know what to except after that, and after T5.

I tell you, I would except brand new and awesome looking fully finished unique armor sets for all classes. I would except a whole stronger fully geared character after I finished T6 with all the weapons and accessories, with even two or more armor sets. That is what I would pay for! Nothing less. After T5 and Vanaheim I do not think it becomes the reality. This is not a pessimism, I just try to look forward after the latest releases.

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Originally Posted by Radicaltop

Funcom is in the news again this morning:

http://www.vg247.com/2015/08/11/age-...m-up-for-sale/

"It has appointed an investment bank to look in to “strategic options”, which include finding “interested parties for discussions surrounding a possible investment, acquisition, merger, or any other available options.”

Those other options are likely to include a sale of individual assets – games, code, etc – or a bankruptcy filing as a last resort."

I wonder if someone will buy AOC as a stand alone game and then rework it? Arnold, please, this is pocket change to you...

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Lol! We are just hanging in the air. :S
I have a subs for april of 2016. Very nice...

Isn't THIS what a number of people have asked about in the past? The idea of having enough money to buy the company ...

What's it going to cost ~ price tag please.

More importantly; where will everyone hang their "hats" when the servers are, in-fact, shut down in 10-months?

It does seem like a reasonable outcome at this point.

Flight Sims? The ultimate MMO; if you ask me.

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Originally Posted by Mustaine

More importantly; where will everyone hang their "hats" when the servers are, in-fact, shut down in 10-months?

It does seem like a reasonable outcome at this point.

Flight Sims? The ultimate MMO; if you ask me.

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If/When AoC and TSW are shut down and/or fundamentally changed I'll be done with it period unless something along the same *grown up* lines comes along. The rawness and brutality of AoC and the sheer artistic genius of TSW are unequalled that I've seen and it's impossible to go back to kiddie games now.

Though I doubt anyone would be willing to risk following in Funcom's steps at this point so that's not only a loss of what is but what might have been as well.

Funcom just gained another 6 months for its "strategic review".

http://www.funcom.com/investors/anno...representation

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Originally Posted by funcom

Announcement on loan maturities and KGJG board representation
Published on (08-12-2015)
Reference is made to the stock notices issued by Funcom (hereafter “the Company”) on 23 July and 7 August this year.
The Company has received and accepted an offer from its major creditor KGJ Investments S.A (hereafter “KGJI”) regarding the maturity dates of the USD 3.95 million working capital loan and the USD 6.2 million convertible bond, of which KGJI holds USD 6 million. KGJI has offered to extend the current maturity dates for the working capital loan and convertible bond from the earlier of 30 June 2016 or the 2016 Funcom AGM to 15 December 2016.
The extension of due date is conditional upon prepayment of the two loans plus the USD 4.0 million convertible loan due on 27 June 2017 should the Company sell some, all or parts of its subsidiaries or other assets prior to the new maturity date. Any proceeds from such sales shall immediately be applied to repay the said loans. Should such proceeds be insufficient for full repayment of all said loans, the Company is under no circumstances obliged to apply more than 80% of the proceeds from such sales towards such repayment of the loans.
Kristian Gerhard Jebsen Group (hereafter “KGJG”), which through its subsidiaries KGJ Capital AS and KGJI is Funcom’s largest shareholder and lender, may or may not consider an active involvement in the strategic process recently announced by Funcom regarding potential transactions involving the Company, its subsidiaries or its assets.
Mr Ole Gladhaug and Mr Magnus Grøneng, both Directors of the Supervisory Board of Funcom N.V., are employees of KGJG or its subsidiaries and therefore not considered as independent board members of Funcom. In view of the above mentioned strategic process initiated by Funcom and a potential involvement by KGJG, Mr Gladhaug and Mr Grøneng have decided to step down from the Supervisory Board of the Company with immediate effect in order to prevent any potential conflict of interest.

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For all it's faults and all it's short comings. I have been a subscriber since 2008 and I will be here as a subscriber until they shut the lights out.
I will walk away with memories of good times, good friends, great fights and drunken laughter.
Oh and staying up all night raiding or 6 mans...
Has Funcom been perfect HELL NO but I still feel the fun I get is worth the sub.

I hope I get a few more years out of Hyboria to play with all you F'tards :)

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Originally Posted by Mustaine

More importantly; where will everyone hang their "hats" when the servers are, in-fact, shut down in 10-months?

It does seem like a reasonable outcome at this point.

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I agree, a shutdown is the most likely outcome. If I had millions, Funcom would certainly be the last thing I'd invest in.

I wish Funcom luck though, and I hope they manage to turn things around. I guess we'll find out in the months to come.