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7 Video Game Companies Qualify for 3DO Asset Auction

Bidders include Eidos, Microsoft and Ubi Soft. The publisher filed for Chapter 11 in May.

August 08, 2003|From Reuters

Seven video game companies, including Microsoft Corp., Eidos and Ubi Soft Entertainment, have qualified to bid in the auction for the assets of publisher 3DO Co., according to court papers filed Thursday.

In a notice filed with the U.S. Bankruptcy Court in San Francisco, 3DO's attorneys said Microsoft, Eidos, Ubi Soft, Jowood Productions Software, Namco Hometek Inc., Turbine Entertainment Software Corp. and Crave Entertainment filed by Wednesday's deadline to bid in the Aug. 14 auction.

3DO filed for Chapter 11 bankruptcy protection May 28 and said it would seek to sell its assets. The company had struggled with weak sales and repeatedly sought financing from its founder and chief executive, longtime video game industry executive Trip Hawkins.

The filing did not detail what assets the seven bidders were interested in, or what they were offering to pay.

Microsoft entered the console game business two years ago with its Xbox console, though it was in the PC game business for years before that. Britain's Eidos is best known for the "Tomb Raider" franchise, and the French Ubi Soft has had success of late with its "Splinter Cell" action title.

Namco Hometek is a unit of Japan's Namco Ltd. and publishes games such as "MotoGP" and "Soul Calibur." Turbine was behind the "Asheron's Call" online role-playing games. Germany's Jowood is known for titles such as "AquaNox," and Crave publishes games such as "UFC: Throwdown."

According to the court order approving the sales procedures, bidders were required to place deposits of $10,000 to $100,000 to bid on the various asset groups, including the in-progress games "Street Racing Syndicate" and "Four Horsemen of the Apocalypse."

Bidders interested in all of the assets as a group were required to deposit $250,000.

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