Troubled microconsole firm struggling to restructure debt, needs a buyer soon

Ouya reportedly for sale

Reports have emerged that microconsole company Ouya is on the hunt for a buyer.

A leaked email between CEO Julie Uhrman to company investors and advisors discussing solutions to the company’s debt problems, according to Fortune.

In additional to its original Kickstarter funds, Ouya raised $15m in Series A funding back in 2013 and secured venture debt from TriplePoint Capital. Despite raising another $10m earlier this year from Alibaba, the firm is now struggling to repay the VC firm, with debt restructuring negotiations said to be unsuccessful.

In the memo to investors, Uhrman said finding a buyer could be the solution: “Given our debtholder’s timeline, the process will be quick. We are looking for experessions of interest by the end of this month.”

The email continues: “Our focus now is trying to recover as much investor capital as possible. We believe we’ve built something real and valuable. 

“I continue to read the tweets and emails of our fans who play Ouya every day and our catalogue is now over 1,000 apps and 40,000 developers. We have the largest library of Android content for the TV (still more than Amazon) – hells ya!”

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