MAD CATZ GOES BANKRUPT

Now investors rather than catz are mad

The

manufacturer and distributor of Mad Catz branded peripherals and Tritton headsets has voluntarily filed for bankruptcy in the Canadian courts. The moves comes after the company’s Board of Directors set up a special committee in 2016 to look into ways of shoring uop losses and maximising shareholder value. Karen McGinnis, President and Chief Executive Officer of Mad Catz, stated, “Regrettably and notwithstanding that for a significant amount of time the Company has been actively pursuing its strategic alternatives, including various near term financing alternatives such as bank financing and equity infusions, as well as potential sales of certain assets of the Company or a sale of the Company in its entirety, the Company has been unable to find a satisfactory solution to its cash liquidity problems. The Board of Directors and management would like to acknowledge the outstanding efforts of the Company’s employees in support of its business, especially during the time that the Company faced financial difficulties. The Company would also like to thank the vendors and professional service providers who have supported the Company’s efforts during this time.”