A week after laying off most of its staff and completing a 1-for-50 reverse stock split, Quokka Sports filed for Chapter 11 bankruptcy protection late Friday, CNet reports.
The federal bankruptcy court in San Francisco received the filing late Friday, but it was not immediately released to the public so the company's assets and liabilities remain undetermined. A hearing is slated with U.S. District Judge Thomas E. Carlson on August 22. Paul Startz, general counsel for the online provider of sports information, declined to comment to CNet on the filing.
Quokka executives were considering a bankruptcy filing if they could not locate a buyer or partner. Preceding Friday's filing, San Francisco-based Quokka dismissed most of its staff of about 150 people, retaining just a handful of employees.
So the once high-flying sports webcaster in partnerships with NBC, the International Olympics Committee, and Major League Baseball seems poised to succumb to the same advertising and investment downturn that is dampening the online sports category.