Pirate Bay buyer faces bankruptcy

[joeblow]

Pirate Bay buyer faces bankruptcy

http://www.thelocal.se/22158/20090918/

A creditor of Global Gaming Factory X, the potential buyer of The Pirate Bay site, has asked a court in Stockholm to declare the company bankrupt.

    * Stock exchange gives Pirate Bay suitor the boot (10 Sep 09)
    * Pirate Bay suitor: 'Deal done next week' (28 Aug 09)
    * Investors abandon Pirate Bay suitor (27 Aug 09)

The bankruptcy suit for the Swedish advertising and software company has been submitted to the Stockholm District Court, according to a report in Svenska Dagbladet. Global Gaming Factory X grabbed international headlines when it announced on June 30th its intention to take over The Pirate Bay.

Global Gaming Factory X was due to pay Advatar System 1,378,525 kronor ($200,204) by July 25th this year - a debt which today remains unpaid.

Johan Sellström - a former board member of the Global Gaming Factory X and Advatar Systems' Managing Director - is reportedly now tired of chasing the overdue debt. The suit states that "the debtor canot legally pay its debts, and such incapacity cannot be regarded as 'temporary'."

Global Gaming Factory X's ambitious plans to acquire Pirate Bay now seem likely to be put on hold due to question marks over the company's lack of capital.