- Fall Damage’s book value will be down to zero on Fragbite’s forthcoming balance sheet
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The board of directors of Fragbite Group has declared bankruptcy for its subsidiary Fall Damage Studio.
According to the company in a release, the bankruptcy became unavoidable after the Swedish development team was unable to pen an agreement with a publisher for its ALARA Prime PC game which led to an “unsustainable financial situation”.
As a result, the Fragbite board determined that Fall Damage Studio cannot pay its debts as they became due, promting their application for bankruptcy. However, parent company Fragbite Group and its other subsidiaries will continue to operate as…
