Suncoast Pinball File For Bankruptcy?
Rumours have now been confirmed that Suncoast Pinball – the creators of Cosmic Carnival and sister company of Suncoast Arcade Inc. have filed for a Chapter 11 bankruptcy, with details of this coming from an article published in Pinball News.
The Chapter 11 bankruptcy, which is a voluntary submission by the business, is designed to allow a business time to restructure its finances. During this time, the business gets protection from its creditors from completely closing the business down. Should the business be able to sort its financial situation, the business can exit bankruptcy and continue trading as normal.
The filing comes as a result of alleged debts totalling around $15,000 on unpaid rents at two sites. Both of which relate to design and manufacture of pinball machines and arcade machines.
As I have said previously, a new manufacturer coming into the market and putting something into sites and peoples homes is always a positive thing in this hobby. Judging from the fact that this filing seems to be a way to buy time, over being in a black hole that they cannot get out of, gives me hope for them.
I truly hope that Suncoast get themselves on the up, and return to making games. I still think Cosmic Carnival looks like a great game. There have been many manufacturers that go about things in the wrong way, namely taking money from customers and never delivering. Sure – there is no excuse for not paying your creditors, but that is an unfortunate part of business and risk. A risk present in being in business.
I genuinely hope this all blows over for Suncoast and look forward to seeing what they can put together next, should they be able to and decide to continue into game two.