Calling it "once one of Long Island's largest public companies," home town paper New York Newsday is reporting today that in a filing with the US Bankruptcy Court in Central Islip, New York, Acclaim Entertainment filed for Chapter 7 bankruptcy.
As reported yesterday on GameSpot, a Chapter 7 proceeding means the company seeks to liquidate all its assets in order to pay off as much debt as possible. Those are the final steps toward completely dissolving the corporate entity.
The dispatch carried today in Newsday said that Acclaim "listed assets of between $10 million and $50 million and debt of more than $100 million" when it presented documents to the bankruptcy court.
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