Google Translate:
The bankruptcy application has been filed at the Stockholm District Court on July 24, 2024.
Esportal Group includes the wholly owned subsidiaries Esportal AB and Inferno Group AB with subsidiaries (Inferno Online Odenplan AB, Inferno Online Surbrunnsgatan AB, Inferno Online Skanstull AB, Inferno Online Södergatan AB, Inferno Online Täby Centrum AB, Inferno Online Göteborg AB). The group has taken a leading Nordic position in esports through its own digital platform, Esportal, for gaming tournaments and with the majority of physical gaming centers in Stockholm, Gothenburg and Malmö under the Inferno Online brand.
Over the years, financing has taken place through the majority of new issues and deposits from major private shareholders. The group also received so-called corona deferment from the Swedish Tax Agency during 2023. Since the beginning of last year, the group has implemented several cost-saving programs, realized new revenue streams, negotiated potential structural deals and secured a good order backlog going forward. The shift towards profitability has resulted in the operating profit (EBITDA) being able to improve by approx. 33% (adjusted EBITDA by approx. 37%) during the first half of 2024 compared to the corresponding period last year.
However, the board can state that the necessary financing to continue the transformation cannot be secured, which means that the group will soon not have coverage for its short-term working capital needs, while the company’s total debt side is judged to be unsustainable in the long term – and therefore the group as a whole is in an insolvency situation which is not considered temporary.
akiroraiden
unsurprising, the plattform was barely used. It would take more than 30 minutes to find a match with the highest rank (i think its called legend? the gray one) and you would always get a mix of all ranks due to low player count.
sirzenoo
I declare… BANKRUPTCY!
GigaCringeMods
I’m surprised they managed this long. Their entire page-client connection is messy and not very user-friendly, nobody really plays on the platform since Faceit has a strangle hold on matchmaking anyways.
The biggest positive for the site was that it had no Russians in it. And that was a **HUGE** positive, probably a main reason why they survived this long.
Banonym
Happy day for Faceit
cerkaz
They are still selling premium on their platform, so if you know anyone who use it maybe forward this post to them.
6 Comments
Google Translate:
The bankruptcy application has been filed at the Stockholm District Court on July 24, 2024.
Esportal Group includes the wholly owned subsidiaries Esportal AB and Inferno Group AB with subsidiaries (Inferno Online Odenplan AB, Inferno Online Surbrunnsgatan AB, Inferno Online Skanstull AB, Inferno Online Södergatan AB, Inferno Online Täby Centrum AB, Inferno Online Göteborg AB). The group has taken a leading Nordic position in esports through its own digital platform, Esportal, for gaming tournaments and with the majority of physical gaming centers in Stockholm, Gothenburg and Malmö under the Inferno Online brand.
Over the years, financing has taken place through the majority of new issues and deposits from major private shareholders. The group also received so-called corona deferment from the Swedish Tax Agency during 2023. Since the beginning of last year, the group has implemented several cost-saving programs, realized new revenue streams, negotiated potential structural deals and secured a good order backlog going forward. The shift towards profitability has resulted in the operating profit (EBITDA) being able to improve by approx. 33% (adjusted EBITDA by approx. 37%) during the first half of 2024 compared to the corresponding period last year.
However, the board can state that the necessary financing to continue the transformation cannot be secured, which means that the group will soon not have coverage for its short-term working capital needs, while the company’s total debt side is judged to be unsustainable in the long term – and therefore the group as a whole is in an insolvency situation which is not considered temporary.
unsurprising, the plattform was barely used. It would take more than 30 minutes to find a match with the highest rank (i think its called legend? the gray one) and you would always get a mix of all ranks due to low player count.
I declare… BANKRUPTCY!
I’m surprised they managed this long. Their entire page-client connection is messy and not very user-friendly, nobody really plays on the platform since Faceit has a strangle hold on matchmaking anyways.
The biggest positive for the site was that it had no Russians in it. And that was a **HUGE** positive, probably a main reason why they survived this long.
Happy day for Faceit
They are still selling premium on their platform, so if you know anyone who use it maybe forward this post to them.