The future of the cloud-based OnLive gaming service is looking cloudy indeed. On Monday the company confirmed that a restructuring plan will keep the streaming video game service operating. However, all staff members were let go in the process — although some may eventually be rehired. This followed the company’s filing last week of an Assignment for Benefit of Creditors, which is an alternative bankruptcy. It allowed OnLive to relinquish its assets to an assignee. Those assets have been sold to a new company.
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OnLive Lives On Under Massive Restructuring Plan
Posted by: Peter Suciu August 20, 2012 12:15 PMThe future of the cloud-based OnLive gaming service is looking cloudy indeed. On Monday the company confirmed that a restructuring plan will keep the streaming video game service operating. However, all staff members were let go in the process — although some may eventually be rehired. This followed the company’s filing last week of an Assignment for Benefit of Creditors, which is an alternative bankruptcy. It allowed OnLive to relinquish its assets to an assignee. Those assets have been sold to a new company.