SEATTLE (January 9, 2009) - Gen Con LLC announced today that the US Bankruptcy Court of Western Washington has confirmed the companyâ€™s plan of reorganization and approved the companyâ€™s rejection of a hostile takeover bid.
â€œThis is bright day for usâ€, said Adrian Swartout, CEO of Gen Con. â€œThe entire team is looking forward to 2009 and continuing our growth as a stronger, more focused company. Our emergence from Chapter 11 is a testament to the skill and perseverance of our employees and the strength of the phenomenal Gen Con brand. Everyone here is excited to begin working outside of Chapter 11.â€
Since filing for bankruptcy protection in February of 2008, Gen Con has significantly reduced its expenses and increased its cash position. The companyâ€™s cash flow is positive and prospects have never looked better. Under the confirmed plan, Gen Con will pay all of it creditors in full over time and will continue to operate. A three-member Advisory Committee will assist the company and its board, and Peter Adkison will retain ownership. â€œThis is an extremely successful case,â€ said Shelly Crocker of Crocker Kuno, Gen Conâ€™s bankruptcy attorney, â€œlargely due to the efforts of Ms. Swartout and her team, and the cooperation of the Creditorsâ€™ Committee.â€
Gen Con Indy 2009 will prove to be one of the best shows yet with thousands of events and hundreds of exhibitors. Gen Con attendees can expect to see all of their favorite programs such as the Costume Contest, Auction, Art Show, Family Fun Pavilion, eGame Arena and much more!
I consider this fine news. This year's Gen Con will be my 10th, and I'm glad that it will still be run by the same people who have been running—and growing and improving—the convention quite successfully for seven years now.
[Hat tip to Matt Forbeck for being the first posting of the news that I saw.]