OnLive in action.
(Credit: OnLive)
Financially troubled OnLive said today it plans to continue operating under the OnLive name and promised users that its services will "continue without interruption."
The announcement comes two days after reports of a major corporate shakeup in which the cloud gaming company suddenly fired all of its employees and was allegedly prepping for a bankruptcy filing. The company later confirmed that the company assets had been sold to an unnamed suitor.
The company said in a statement today that all customer purchases would remain intact: All OnLive Devices and Apps, as well as all OnLive partnerships, are expected to continue without interruption and all customer purchases will remain intact; users are not expected to notice any change whatsoever. OnLive's current initiatives will continue as well, with major announcements of new products and services planned in the coming weeks and months.
OnLive said its board of directors decided to restructure the company under an "assignment for the benefit of creditors," an alternative to bankruptcy that expedites the closure of the troubled company. The company's assets, including its technology and intellectual property, were transferred to the new company in what it called "a heartbreaking transition for everyone involved."
However, under this type of transaction, no shares or employees are ... [Read more]
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