Starbreeze information related to creditors’ meeting in the District Court and new date for full-year report

STOCKHOLM, SWEDEN (December 20, 2018)– As part of the reconstruction process for Starbreeze AB (publ) and related subsidiaries, a creditors’ meeting is scheduled for the District Court Friday December 21, 2018 where the appointed administrator will present materials related to the company here attached. 

Starbreeze AB (publ) has decided to publish the report for the full year and fourth quarter 2018 on February 20, 2019. This is a change to the previously communicated date of February 5, 2019.

As announced on December 10, 2018 the Company’s Administrator Lars Söderqvist has sent the Company’s creditors a circular letter in accordance with Chapter 2. Section 13 (1996: 764) on Corporate Reconstruction. 

The presentation material provided for the creditors’ meeting contains certain updates to the preliminary balance reports per November 30, 2018 figures that were published on December 10. This is presented as part of the regulated process of reconstruction and contains non-reconciled, non-reviewed balance sheets for the respective reconstruction companies, as well as a preliminary overview of assets and liabilities in the same companies.

Reconstruction Plan

As announced December 12, 2018 Starbreeze AB has decided to focus on the Group’s core business: internal game development and publishing. As a consequence of this decision operational and financial resources will be focused to the core business. 

The platform for the Group’s future operations focuses on a portfolio consisting of a mix of internally developed games and publishing titles. These include:

• Internal development: PAYDAY 2, PAYDAY 3, PAYDAY: Crime War, OVERKILL’s The Walking Dead, Crossfire, Geminose
• Publishing: Psychonauts 2, System Shock 3, 10 Crowns

The Company has further identified non-core assets and the company has initiated a process to find collaborations with external parties to secure that these operations develop in a positive way. These assets include, but are not limited to:

• Enterspace, other VR LBE initiatives, StarVR, Nozon, PresenZ, Dhruvaand ePawn

The company will initiate efforts to find financial partners to finance the whole or parts of the Company’s operations. Starbreeze assesses that the operational changes will be concluded at the half-year 2019. Please note that the above definitions are preliminary and dependent on on-going negotiations. 

Other

The Company has set a new date for announcement of the report for the full year and fourth quarter 2018 to February 20, 2019.  

The Company’s ambition is to convene an extra general meeting of shareholders during the first quarter 2019 at which the Nomination committee will propose the election of new board members.

The presentation material to be used in the Court for the Creditors Meeting is as of now published on the Company’s website: https://www.starbreeze.com/investor-relations/reconstruction/

Starbreeze announced via a press release on December 3, 2018 that the company, including certain subsidiaries, entered into reconstruction.

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For further information, please contact: 

Pia Rosin, Interim Head of Investor Relations
Tel: +46(0)8-209 208, email: ir@starbreeze.com

This information is information that Starbreeze AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 20:30 CET on December 20, 2018. 

About Starbreeze

Starbreeze is a global game company whose vision is to be a leading provider in the entertainment industry by creating world-class experiences. Starbreeze was founded in 1998 and has since evolved into a well-established developer and publisher of PC and console games and VR products aimed at the global market. With studios in Stockholm, Paris, Los Angeles, San Francisco, Barcelona, Brussels, Bangalore and Dehradun, Starbreeze develops high-quality entertainment products based on proprietary and third-party rights, both in-house and in partnership with external game developers. Operations are organized in three business areas: Starbreeze Games, Publishing and VR Tech & Operations. Starbreeze shares are listed on Nasdaq Stockholm under the tickers STAR A and STAR B with the ISIN-codes SE0007158928 (A share) and SE0005992831 (B share). For more information, please visit starbreeze.com