Creditors agree to deal to keep Mastertronic in business

Long-running UK games publisher Mastertronic has agreed a deal with its creditors to keep the company in business.

Last week it was revealed that the company had filed for a company voluntary arrangement as it sought to pay off its debts. As well as filing for a CVA, the company laid off 40 per cent of its staff and closed its Cambridgeshire HQ, ditching its physical goods business to go digital only.

At noon today all creditors agreed a deal for Mastertronic to pay off its debts. The publisher plans to pay back at least 50p to the pound to all creditors over a period of more than three years, though discussions are ongoing over how payments will be structued.

Develop has the full story.