In some rather embarrassing news for Konami, the gaming giant and Autumn Games are currently being sued by City National Bank for apparently not repaying on a loan. In this situation, it is better to approach for iva debt help so that this situation can be handled and cleared up smoothly. As stated in the reports, Konami and Autumn Games supposedly borrowed $14 million from the bank for the karaoke game, Def Jam Rapstar and according to CNB, have failed to repay them. Perhaps it’s time for them to borrow from lending companies.
“CNB has recently learned that defendants’ representations concerning financial conditions and repayment of the loan – both before and after the loan was approved – were false at the time they were made and that defendants never had any intention of repaying the loan as promised,” they stated. “Rather than paying game-related proceeds directly to CNB as agreed, defendant have kept all game-related proceeds for themselves and have refused to remit any such proceeds to CNB.” If you want to know more, click here to learn more
They went on to say, “By the time CNB learned the true state of affairs, Autumn had drawn down $13,987,003.15 of the $15 million line of credit… To date, defendants still have not paid CNB a single penny of the principal amount that is due, and they continue to insist that none of the proceeds from sales of the game are owed to CNB and/or available for repayment.”
CNB is looking for more than $8.5 million in damages, breach of contract and more. Yikes, wouldn’t want to be Konami right now. No word yet from them in response to the claims.