Company will seek to liquidate assets and pay off as many debts as possible; public announcement to follow as early as tomorrow.
Reliable sources close to the executive management team of Acclaim Entertainment say the company will file Chapter 7 bankruptcy documents late today. The company will alert the industry, the press, and its creditors via an announcement that could come as early as tomorrow.
Acclaim has already terminated more than 600 employees worldwide. Those employees, according to one high-ranking executive, were given no severance pay or package, no continuation of benefits, and no right, even, to continue their own benefits through the federally mandated program commonly referred to as COBRA.
News source: GameSpot
