Oasys Mobile emerged from bankruptcy last week as a private company and with what it called “funding necessary to finance future growth.”
Oasys made the announcement on Friday. A developer of games and content for mobile devices, the Raleigh-based firm had declared bankruptcy earlier this year.
Looking ahead, Oasys promised to deliver “several new games” over the next few months.
"We are extremely pleased that Oasys has the resources, product offerings and management required to grow the business and achieve all of our operating objectives," said Doug Dyer, Oasys’ chief executive officer, in a statement.
"Oasys has maintained its product development efforts throughout this process. With strong brand relationships and key licensing agreements in hand, Oasys expects to release several new games and other products into the market over the next several months,” Dyer added.
Promised titles include new releases of UNO, Magic 8 Ball and Texas Hold’em with Phil Hellmuth, the well-known poker champion.
Associated Partners LP and Rock Hill Partners invested in Oasys as part of the company’s going private. In recent months, its stock had traded for pennies.
Oasys said more than a dozen products are under development for release the remainder of this year and in 2008.
Associated Partners is a private investment partnership. Rock Hill Partners manages a variety of investment funds.
A U.S. bankruptcy judge in Delaware approved the Oasys reorganization plan earlier this month, according to The Associated Press. Oasys received $5 million in loans to fund future business. Shares in the company were exchanged for $8.84 million in debt by Oasys senior lenders RHP Master Fund Ltd. and LAP Summus Holdings LLC. Summus is the former name of Oasys.
Unsecured creditors and preferred shareholders will divide up to $2 million based on whether Oasys meets certain financial targets, the AP reported.
Oasys filed for bankruptcy in July.
