I hope it isn't true.
Sorry just saw someone poasted this already..
<h2>
Rackham under legal protection</h2>
It appears that Rackham have placed themselves under legal protection (PDF link) due to slow European sales for AT-43. Due to continued issues with our comment system comments on this topic are closed. Sorry for the inconvenience. If anyone has a better translation of the PDF please contact us.
From a PDF article on the safeguard law:
The safeguard procedure was inspired in part by US Chapter 11 and is available in circumstances where a company is solvent, on a cash flow basis, but can demonstrate to the court that it is undergoing difficulties which it is not in a position to overcome and which are likely to lead to the company’s insolvency. The aim of the safeguard procedure is to facilitate a reorganisation plan for a company in order to ensure the continuation of its business, the maintenance of employment and adjustment of its liabilities. Safeguard is a court driven process and court appointed officials supervise the development of the reorganisation plan.
So it does appear to be similar to North American bankruptcy protection.
Translated badly by Google and the editor
The Directorate-General of Rackham SA decided to place the company under the protection of Commercial court of Bobigny within the framework of the law of safeguard. Let us inform that one period of 6 months observation was open on August 27, 2007. This voluntary step was justified by an analysis of the general evolution of the company, and in particular of its treasury over the last months, marked by the following points:
1. The Directorate-General of Rackam SA anticipated the market trends of strategy games with figurines towards the “ready to play” and made, as of the beginning of 2005, the choice of plastic and painted figures. This new strategic orientation, announced at the time of the general assembly of the shareholders of September 2006, allows Rackham today to be the precursor on the market. The choice of this new industrial model required heavy investments which started to bear their fruits with the launching of the science fiction game AT-43 in November 2006. The new edition of Confrontation, the Age of Rag’ Narok, is scheduled for November 2007.
2. If the starting of AT-43 in the United States is very satisfactory, in line with the objectives - US sales turnover is in growth of more than 10% per month and the position of the company on this priority geographical area is reinforced for the months to come by a contract for exclusive distribution with a master distributor, Fantasy Games Flight - its establishment in Europe has proceeded more slowly than envisaged.
Thus, the growth of the sales turnover for AT-43 does not compensate for, at the moment, erosion in sales turnover for Confrontation in its current version (metal figurines), at the end of its life cycle. The total sales turnover realized by Rackham SA dropped from €400000 per month in 2005-2006 to €300000 over the same period in the last year.
3. In this context, Management has set up, for several months, a reorganization which is feeling its first effects. It must nevertheless be continued in order to allow the company to ensure its perenniality and to profit fully from the renewal of its range of products. It will be made within the framework of the phase of observation which allows the company to freeze the whole of its exigible liability.
The accounts of the company Rackham SA are in the course of review by the police chief with accounts. A complementary official statement will be available on the detail of the accounts and of exigible liability after their certification in the next weeks. Trustful in the development prospects of the company Rackham SA, we remain with your provision for any information additional by telephone to + 33.1.55.86 .89.20 or by email with info@rackham.fr.
Directorate-General of Rackham
