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    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

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    North Star Sports & Entertainment Network: Coming soon – KTTC News

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    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

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    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

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    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

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    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    St. Francis Medical Center brings advanced robotic surgery technology to Northeast Louisiana – KNOE

    Wayve Expands Engineering Leadership to Power Next-Gen Autonomous Driving Technology – Silicon Canals

    Wayve Boosts Engineering Leadership to Accelerate Next-Gen Autonomous Driving Innovation

    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    China’s Military Introduces Mosquito-Sized Drones: A Game-Changing Surveillance Technology – Indian Defence Review

    China Unveils Mosquito-Sized Drones: Revolutionizing Surveillance Technology

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

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Embracer secures €600 million revolving credit facility after brutal restructure

July 14, 2024
in Entertainment
Embracer secures €600 million revolving credit facility after brutal restructure
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Embracer has secured a new €600 million revolving credit facility with a two-year tenor.

The Swedish conglomerate has an option to extend its new credit line for an additional year and claims it will help reduce interest expenses through “improved terms and a reduced financial leverage.”

The new facility will replace Embracer’s remaining SEK 4.8 billion (€420 million) revolving credit facility, which matures in May 2025.

“Thanks to the significant measures taken throughout the current calendar year, we have strengthened our financial structure and responsibly reduced our financial leverage,” said Embracer CEO Lars Wingefors. “This step is part of our transition to becoming a leaner and more focused company.”

Embracer’s brutal layoffs

That transition saw Embracer reduce its head count by over 4,500 employees as part of a sweeping restructuring program that brought mass layoffs and significant divestments.

The decision to downsize was made after Embracer spent years throwing cash at mergers and acquisitions, but the company eventually said it needed to move out of “heavy-investment-mode” to become a “highly cash-flow generative business.”

It has since sold major assets such as Gearbox Entertainment and Saber Interactive, cancelled over 80 projects, shuttered a number of studios, and laid off vast swathes of its workforce.

The company subsequently split its business into three individual, publicly-listed entities. In its latest financial report, Embracer outlined plans to release 70 projects during the fiscal year ending in March 2025. It also recently introduced a new AI policy it claims will “massively enhance” development and its wider business operations. 

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Game Developer – https://www.gamedeveloper.com/business/embracer-secures-600-million-revolving-credit-facility-after-brutal-restructure

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