Zattikka faces possible administration

Online games firm Zattikka could go into administration next month as it struggles to make a loan payment of 275,000.

The company revealed on July 9th that it was due to pay the interest, but it has still failed to make the payment.

Zattikka-owned developer Hattrick, which is owed the money, has now demanded payment by close of business on August 2nd. Failure to do so would mean an amount of 6.4m euros would become repayable within the two business days of the expiry date.

Zattikka says it has been advised however not to make the transaction, as it may cause issues should it enter administration. The firm said it is continuing negotiations with its loan note holders to eliminate a substantial proportion” of the group’s liabilities, but these have so far been unsuccessful.

MCV’s sister site Develop has more details.