Monday, August 20, 2012

OnLive Turned Over To Creditors In Restructuring

Palo Alto-based videogame streaming company OnLive has been turned over to its creditors, as part of an Assignment for the Benefit of Creditors, the firm revealed over the weekend. As part of the move, OnLive laid off all of its employees, and turned over ownership of the firm to a newly formed company. The company said the new firm will offer jobs to around half of its former employees. OnLive had been backed by AT&T, Autodesk, HTC, Lauder Partners, Maverick Capital, and Warner Bros.; the new company is backed soley by Lauder Partners, which acquired the assets of OnLive as part of the bankruptcy proceeding. The firm is reportedly continuing to offer up its gaming services.