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GRTV News - Tequila Works files for bankruptcy
The Spanish developer has reached a financial conclusion following Tencent pulling its investment.
Audio transcription
"Hello everyone and welcome back to another episode of GRTV News.
Today we're going to be talking a little bit about one of the more promising developers we've seen as of late, but a developer that has now had to file for bankruptcy following a slew of different reasons."
"We're talking about Tequila Works, the Spanish developer that created games like Rhyme, and even the Riot Forge title Song of Nunu, a League of Legends story, all before Riot decided to move away from doing Riot Forge stuff.
And yes, it seems that ever since Tencent, the giant Chinese publisher, pulled support from the studio, and ever since that had to cancel its upcoming game as well, it seems that Tequila Works has been in a situation that it can't climb out of, and now it has filed for bankruptcy, and I think insolvency as well."
"So let's dive in and have a look.
So yes, Spanish studio Tequila Works declares bankruptcy.
With the withdrawal of Tencent's support and the cancellation of its next game, the situation for the company became untenable."
"So, a big day for video game development, Madrid-based studio Tequila Works, responsible for titles such as The Sexy Brutale, Rhyme, Guilt, and Song of Nunu, a League of Legends story, has filed for bankruptcy.
The management has been able to turn around the difficult situation it was left in a few months ago when Tencent cut off the studio's funding, leading to a major restructuring in the development team and the cancellation of its unannounced ongoing project."
"The management has been struggling to keep Tequila afloat ever since, but the conditions have slowly choked the studio's accounts, and today GamesIndustry.biz reported that the studio has filed for bankruptcy as the management resigned.
General manager Terence Mosca, until now CEO of Tequila, will take the lead in the process."
"Tequila has been one of the most prominent victims of Tencent's investment turnaround in Japan and the West, a new direction for the Chinese giant in which it has significantly reduced its involvement in Western companies and is focusing on development studios in its own country.
Let's hope that the talented workers of Tequila Works will soon find a new professional destination and continue to offer their great work to video games."
"So, it looks like the writing's on the wall for Tequila Works here.
A publisher could swoop in and essentially save them, but it does look unlikely at this point.
Eventually we'll probably learn more about what this unannounced project was now that this is happening, but for the time being we still don't know what Tequila Works was working on before Tencent pulled its funding and made it impossible to continue seeing through the development of that game."
"But yes, the big thing to take from this is that Tequila Works has filed for bankruptcy.
It looks like the studio is soon set to be shut down and that means that there'll be a bunch of talented individuals looking for work in Madrid and Spain and hopefully many of them will find positions relatively soon because there's one thing we don't need in 2024 and that is more people out of a job for too long."
"But yes, that's all the time that we have in today's episode of GRTV News, but I'll be back now tomorrow for the next one of the week, so stay tuned for that.
And otherwise, yeah, thank you all for watching and I'll see you all in the next one.
Take care, everyone."
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