Embracer Group, the company that bought up a bunch of developers over the course of a year only to spend the last year laying off people and closing up different shops in order to save money, has received a credit extension through 2025. The main credit facilitator has extended their deal through February 2025 and the main loan provider is extending their deal until May 2025.
The new agreements require Embracer Group to make quarterly payments with the total minimum prepayments amounting to $254.1 million. The value of the loans in question is $166.2 million combined.
Of course, this follows a series of layoffs and studio closures. Among the latter was Volition Games, developer of Saints Row. General layoffs have impacted several studios under Embracer’s umbrella, including Neverwinter and Star Trek Online developer Cryptic Studios. Also included is Gearbox Publishing – which had become an umbrella for several other studios purchased by Embracer.
According to GamesIndustry.biz, there are reports that 3D Realms and Slipgate have also been subjected to layoffs. That has yet to be confirmed, however.
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QuintLyn is a long-time lover of all things video game related will happily talk about them to anyone that will listen. She began writing about games for various gaming sites a little over ten years ago and has taken on various roles in the games community.More Stories by QuintLyn Bowers