Gen Con Chapter 11 Reorganization Plan Approved–Gen Con Acquisition Group Unsuccessful
The headline pretty much sums up today’s events. The judge signed an order that approved the December 4, 2008 Chapter 11 reorganization plan for Gen Con LLC. You can read the Gen Con Chapter 11 reorganization order for yourself, but it is not very exciting. The bottom line is that Gen Con survived the various hostile takeover attempts by the still mysterious “Gen Con Acquistion Group” and Peter Adkison maintains control of the company. Here is the official press release from Gen Con.
Gen Con Scheduled to Emerge from Chapter 11!
Gen Con LLC announced today that the US Bankruptcy Court of Western Washington has confirmed the company’s plan of reorganization and approved the company’s rejection of a hostile takeover bid.
“This is bright day for us”, said Adrian Swartout, CEO of Gen Con. “The entire team is looking forward to 2009 and continuing our growth as a stronger, more focused company. Our emergence from Chapter 11 is a testament to the skill and perseverance of our employees and the strength of the phenomenal Gen Con brand. Everyone here is excited to begin working outside of Chapter 11.”
Since filing for bankruptcy protection in February of 2008, Gen Con has significantly reduced its expenses and increased its cash position. The company’s cash flow is positive and prospects have never looked better. Under the confirmed plan, Gen Con will pay all of it creditors in full over time and will continue to operate. A three-member Advisory Committee will assist the company and its board, and Peter Adkison will retain ownership. “This is an extremely successful case,” said Shelly Crocker of Crocker Kuno, Gen Con’s bankruptcy attorney, “largely due to the efforts of Ms. Swartout and her team, and the cooperation of the Creditors’ Committee.”
Gen Con Indy 2009 will prove to be one of the best shows yet with thousands of events and hundreds of exhibitors. Gen Con attendees can expect to see all of their favorite programs such as the Costume Contest, Auction, Art Show, Family Fun Pavilion, eGame Arena and much more!
I hope that this is the end of the story and Gen Con thrives for many years to come. Now I have to go and buy my plane ticket. 😉
See you in Indy!
Trask, The Last Tyromancer
