Today Game Group Plc released a press statement:
Having received support from its stakeholders and lenders, the Board now believes that GAME will meet its covenant tests for the period to 31 January 2012 when tested on 27 February 2012. The Board now expects that the loss before tax and non recurring items will be around £18m for the year to 31 January 2012.
Further to the announcement earlier today, the Board of GAME is pleased to announce that it has now concluded discussions with its lending syndicate and agreed revised terms for its facilities.
Under the terms of the revised facilities, the Group has agreed to operate within lower limits of its existing facilities than was previously available. These revised facilities will allow the company to continue to trade. The Group has also agreed to provide an updated strategic plan for review, and approval in part, by the lenders. This plan will cover all aspects of the business’s activities and strategy, including its overseas operations.
Ian Shepherd, CEO of GAME said “We’re pleased to reach agreement with our lenders, but should be under no illusions about the challenges in our market or the hard work that is required to deliver our strategic plan.”
So the saga of Game Group Plc hasn’t ended yet, but its future is far from secure. In the short-term for people (like me) who have an existing order with GAME for the Mass Effect 3 Collectors Edition, BioWare’s Community Coordinator Chris Priestly offers some reassurances:
Nothing is going to happen to Game before March.
They also now have the ME3 DLC listed on their site, so take that as a good sign.
While it’s hardly a ringing endorsement for the future of GAME, it is at least something.