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Cryo Is No More!

by Rainier on July 5, 2002 @ 1:54 a.m. PDT

French publisher Cryo and its Cryonetworks subsidiary have announced that they are folding, following a failure to negotiate a recapitalisation of the group with its principal creditors.
The company’s shares, which are quoted on the French Nouveau Marche, were suspended on June 28 on a trading price of 0.90 euros. The suspension was meant to last until July 2, but was extended in anticipation of an official statement on the future of the company from the board of directors.

The last trading price of the stock would indicate a market capitalisation of roughly 12.6 million euros. However, the company had large debts which it faced severe difficulty in managing, and in 2001 it reported a loss of 16.5 million euros on turnover of just over 67 million euros.

Last May, Cryo laid out its objectives for 2002 – a 30 per cent growth in revenue, the rectification of its results, and the consolidation of its capitalisation. It is the failure of this last objective which has, apparently, led to the downfall of the company. No information is available as yet regarding the fate of the assets, licences and titles held by the company.

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