Zattikka enters administration

Zattikka has entered administration after struggling to pay off its debts.

Last month the firm revealed it was struggling to meet a loan payment of £275,000 to developer Hattrick, and was given a deadline of August 2nd to make the payment.

The company has agreed to sell Arena of Heroes developer Sneaky Games to Seal Gaming LLC and animation and pre-visualisation studio Concept Art House to CAH Holdings Group Inc to help pay off its debts.

Zattkka has also completed the sale of certain key assets of the Hattrick and Popmundo games to Hattrick Limited to the same shareholders that previously sold assets to Zattikka in April last year when the publisher went public.

As a result of the sales the firm says it has reduced its debts by approximately $14.5 million, and has resolved its loan payments of 6.4 million euros and interest to Hattrick.

The company’s shares will remain suspended from trading on AIM.