Reports are that OnLive had debts between $30 and $40 million before being bought out by Lauder Partners. It is estimated that creditors will receive 5 to 10 cents on each dollar OnLive owed.
“It was a company that was in dire straits. It only had days to live in terms of cash flow and the like,” said Joel Weinberg, CEO of Insolvency Services Group. “Something had to be done immediately or there would have been a hard shutdown, which would have been a disaster.”
Source: Mercury News
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