Gizmondo Europe, a handheld console manufacturer and a subsidiary of Tiger Telematics, has already laid off staff totalling 50% of its payroll in an effort to reduce operating expenses and has obtained a US$5 million bridge loan as part of its debt restructuring. now, it is looking for help from the courts.
the company has recently filed an application to go into administration, and is scheduled to appear before the UK High Court on January 31st. until that time, Gizmondo Europe is automatically protected from its creditors, who cannot pursue any enforcement actions against it.
Tiger Telematics claims that the application doesn't affect its operations or those of Gizmondo USA but has acknowledged that Tiger Telematics' Swedish subsidiary and Gizmondo Studios will both likely soon follow suit and file for administrative protection.
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