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UK publisher Mastertronic declares bankruptcy

UK publisher Mastertronic has declared bankruptcy after an investment deal brokered earlier this year fell through.

UK publisher Mastertronic has been forced to declare bankruptcy after an investment deal brokered earlier this year fell through.

As reported by MCV, the publisher has stated that a deal to sell its assets to a new buyer and retain its existing team has been put in place, however, Mastertronic MD Andy Payne will relinquish his role.

Mastertronic recently helped bring Sublevel ZeroTango Fiesta, and Orbitalis to market, but will now focus on creating flight and train simulation add-ons, which it develops and publishes through its Just Flight & Just Trains division.

“We signed an investment deal with a Bahrain/Qatar based organization back in February 2015 which would have seen our majority Dutch shareholder exit and be replaced by these new shareholding investors and the company financed going forward," said Payne, speaking to MCV. 

"Sadly, this organization did not honor the contract and as a direct result have put us in the position we find ourselves in today. We made strategic investments into game development, based on this investment deal. When the Middle Eastern investors reneged on the deal, it left us desperately needing an alternative investor. Sadly we failed to find one in time.

"The new company will focus on flight and train simulation only and I will not be employed by the new company, although I may be asked to advise, and my future is now in my own hands again."

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