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After failing to secure a last minute investment, the Canadian publisher, Hip Interactive is now faced with imminent bankruptcy.
“Discussions with a third party to provide interim relief in respect of the company’s immediate financing needs were not successful,” said Hip Interactive.
Executives at Hip had warned investors that the company was struggling with debts and had defaulted on its second loan. Hip’s primary investor, Congress Financial Corp, has requested that the publisher is declared bankrupt. One of Hip’s recent games, Pariah, failed to sell as they would have hoped given its large advertising campaign. Despite being developed by Digital Extremes, the game wasn’t received well by the gaming press.
Hip has a number of high profile games which are now left in limbo: George A Romero’s City of the Dead, Jackie Chan Adventures and Rugby Challenge 2006. If this is the end of Hip Interactive then we would assume that these games will be acquired by another publisher. We’ll bring you more news if and when the fate of these games is revealed.
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