Troubled European games firm Embracer Group has paid back SEK 3.2 billion ($300 million) in debt that it owed to its revolving credit facility.
The firm has said that this repayment has been made, with repayment of the full amount set to take place by May 2025. This was possible thanks to Embracer selling off Gearbox Entertainment to Take-Two Interactive for a cool $460 million. That deal was completed last week.
Embracer recently also sold Saber Interactive for $247 million.
At last official count, Embracer’s debt stood to the tune of $1.5 billion.
The company recently announced its plan to divide itself into three separate companies; one of these was board game specialist Asmodee, which has been lumbered with around $1 billion of debt that Embracer as a whole had managed to clock up.
Embracer has also made a huge number of layoffs in the last year thanks to a failed agreement with Savvy Games Group. Recently, CEO Lars Wingefors appeared optimistic that the worst of these was behind the firm.
“It’s hard to talk for others, but I believe personally we have seen the peak,” he said.
“There is more optimisation coming through from the industry in the course of the year, but I think we saw the peak of that restructuring at the end of last year, or early this year.”
