Atlus parent company to sell off assets

Atlus parent company to sell off assets
Seth Tipps

By Seth Tipps

July 22nd 2013 at 7:41AM

Bankrupt Index Corporation goes to auction with debt and fraud allegations looming

Atlus parent company Index Corporation will begin selling off subsidiary operations to help pay a ¥2.45 billion debt.

Index entered “civil rehabilitation proceedings” - the Japanese equivalent of bankruptcy – in June soon after being accused of fraud for allegedly inflating its annual revenues.

Bloomberg reports (via Destructoid) that bidding could start next week and be finished by September, with the goal of deciding on a bidding company before its holdings lose value.

Settlements could reach as high as ¥15 billion, claim experts.

The procedures will be handled by M&A advisory firm GCA Savvian.

Both Atlus Japan and USA have issued statements claiming that the development and sales of their respective brands will continue.

Index is scheduled to be delisted on July 28.