Posted on January 14, 2009 by Flames
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!
About Gen Con
Gen Con, LLC produces the largest consumer hobby, fantasy, sci-fi and adventure game convention in North America. Its operations include Gen Con Indy and licensees for European and Asia Pacific Gen Con shows. It was acquired in 2002 by former CEO and founder of Wizards of the Coast Peter Adkison, who solely owns the company headquartered in Seattle, Washington. Gen Con is a consumer and trade experience dedicated to gaming culture and community. For more information visit the website at www.gencon.com.