GenCon LLC Files for Chapter 11 Protection...

[pstproductions]

News on the gaming front.

After first being sued by LucasFilm for in excess of 1 million dollar for no received charity proceeds, this happens.

From Gamingreport.com

Reports: Gen Con LLC announced Feb. 15 that it has filed for Chapter 11 protection in the United States Bankruptcy Court for the State of Washington. According to the announcement, this action "became necessary as a result of significant unforeseen expenses associated with attempts to expand its core business to encompass externally licensed events."

The announcement added that Gen Con’s flagship show, Gen Con Indy, will take place as scheduled Aug. 14–17,

in Indianapolis, Ind., and that international Gen Con events are unaffected by this situation and will continue to operate as scheduled.

“Because the fundamentals of our business are strong; and because our debt problems are challenges mostly linked to one-time events, we feel confident that the profile of our company will benefit under Chapter 11 and come out strong in the end,” said Gen Con CEO Peter D. Adkison.

Chapter 11 is the section of the U.S. Bankruptcy Code that provides for court-supervised restructuring of companies as they continue to operate normally. This proceeding is intended to help companies to become stronger financially.

[Sinkuu]

whoa.

and it's official... recession.