Tripping a Debt Convenant
Gaming company OUYA is on the auction block after tripping a debt covenant, according to a confidential email sent out earlier this month from CEO Julie Uhrman to company investors and advisors.
Investment bank Mesa Global — which recently managed the sale of music service Songza to Google — has been hired to manage the process. No word yet on asking price.
“Tripped a debt convanent”? What the fuck?
So Ouya raised money, pissed it away and now the company that originally raised $8 million on Kickstarter and was heralded by some as an open source savior of the gaming world is done-zo.
Nice work, guys.