Troubled European video games agency Embracer Group has paid again SEK 3.2 billion ($300 million) in debt that it owed to its revolving credit score facility.
The agency has mentioned that this reimbursement has been made, with reimbursement of the complete quantity set to happen by Might 2025. This was doable because of Embracer promoting off Gearbox Leisure to Take-Two Interactive for a cool $460 million. That deal was accomplished final week.
Embracer lately additionally bought Saber Interactive for $247 million.
Eventually official rely, Embracer’s debt stood to the tune of $1.5 billion.
The corporate lately introduced its plan to divide itself into three separate firms; one among these was board sport specialist Asmodee, which has been lumbered with round $1 billion of debt that Embracer as a complete had managed to clock up.
Embracer has additionally made an enormous variety of layoffs within the final yr because of a failed settlement with Savvy Video games Group. Lately, CEO Lars Wingefors appeared optimistic that the worst of those was behind the agency.
“It is exhausting to speak for others, however I consider personally now we have seen the height,” he mentioned.
“There’s extra optimisation coming by way of from the trade in the midst of the yr, however I believe we noticed the height of that restructuring on the finish of final yr, or early this yr.”
