Court Confirms Ziff Davis' Bankruptcy Plan

A U.S. Bankruptcy Court has OKed 1Up and EGM owner Ziff Davis' bankruptcy reorganization plans, the company said today, adding that it expects to emerge from Chapter 11 on July 1.

“The Court’s confirmation of our Plan is a major milestone for Ziff Davis as we look to emerge from Chapter 11 restructuring,” said Jason Young, Chief Executive Officer of Ziff Davis Media. “We are very proud of the progress we have made during our short time in Chapter 11 to become a healthier company. We remain grateful for the unwavering support of our customers, vendors and employees throughout this process and we look forward to continuing our work with all of our stakeholders after our emergence. After concluding our restructuring, we will be better positioned, with the financial strength to grow and capitalize on our strengths.”

The plan, in a nutshell, splits the $428 million in debt between new stock and a $57.5 million debt.

I'm happy to see that both 1Up and EGM survived the turmoil. Let's hope that they both recover as stronger entities than when ZD first filed.

EGM Refuse To Review MGS4 Because Konami Imposed "Limitations"

To recap: Konami are imposing restrictions on what publications can and cannot talk about when reviewing Metal Gear Solid 4. No mention of 90-minute cutscenes please, and while you're at it, no talky-talky about install sizes either, K? IGN are cool with that. EGM, refreshingly, are not. Due to "limitations Konami wanted to impose on our comments", the editorial team decided to refrain from giving the game a score, and in lieu of a "review" posted a lengthy roundtable discussion about the game instead. It's hardly a gloved fist on an Olympic dias, but it is nice seeing somebody do something about such an...unsavoury practice.

EGM July 2008 [via GameSetWatch]

Killer Instinct 3 Rumors Fresh From The Mill

This again? Yes, this again. The latest batch of rumors to come from EGM's Quartermann dredges up one we've been hearing for as long as we can remember, one that pegs Rare hard at work on a new Killer Instinct. This one, dubbed Killer Instinct 3D: Death, Destruction and Doom, is said to bring the delightfully goofy fighting game that pits boxers against skeletal pirates, lizardmen against werewolves into the world of 3D.

You know, we've heard something similar to this recently, reminding us of a photo snapped at the Rare offices that touts "finishing moves", 3-player matches and uses ancient Killer Instinct art. It's a photo that makes us think Rare was just having a bit of cruel fun at our expense, as they're wont to do. Time will tell if Killer Instinct 3 is real, but for the meantime you can catch up on all the nasty rumors at 1UP.

Quartermann: Rare Readying New Killer Instinct? [1UP]

More BioShock PS3 Details Emerge From EGM

Did you hear? BioShock is coming to the PlayStation 3. We're totally 100% sure of it, because the announcement made not only the cover of PSM3 magazine, but local favorite EGM as well. BioShock is featured prominently—but not as prominently as Gears of War 2—in the mag's July issue and helps to explain why PSM3 said it's "better on PS3."

They were probably referring to the inclusion of the Xbox 360's downloadable content and that fixed widescreen mode, plus PS3 version specific features that "extend and augment the game." That's all according to a helpful tipster who is already in possession of the issue. EGM speculates that those features are related to Home and we wouldn't be surprised if that's more than just an educated guess on their part.

BioShock Confirmed for PS3 [EGM - thanks, Walter!]

Ziff Davis Wraps Up Restructuring, Cuts Debt

Back in March 1Up promised that all of that nasty business with parent company Ziff Davis' bankruptcy would soon be behind them and that they would be a stronger publication for it.

Today, speaking at the 11th Annual Electronic Gaming Summit, Ziff Davis Media CEO Jason Young told the gathered summit members that the restructuring process will be wrapped up in June. More importantly, he noted that their $400 million debt will be reduced to a paltry $57 million, leaving them with the cash flow to invest back in their products, which includes 1Up, EGM and GameVideos.

Sounds like Simon Cox, , Vice President of Content for the 1UP network, hit the nail on the head when he said they would be bigger, better, faster, stronger when they came out of the restructuring.

Stay tuned later today for reports on talks given to this small group by Microsoft's Jeff Bell;, analyst Michael Pachter; Tanya Giles, of MTV; and the always energetic Peter Moore.

Download EGM #1 In Mint Condition

The first issue of Electronic Gaming Monthly ran back in May of 1989. But even those of us who read it probably don't still have the issue on their nearest coffee table. Now Retromags has gone back in time, stolen some poor kid's reading material and posted it out of spite. Well, that, or they paid a bit too much for an antique issue after months of searching, spent hours retouching any signs of aging in Photoshop and then made it available to us in PDF for free. You can go with whichever version of the story best reaffirms your faith in humanity and the power of the human spirit. We'll be catching up on the latest rumors about Mega Man 2.

Electronic Gaming Monthly Issue 001 (May 1989) [Retromags via GnomesLair]

More Splatterhouse Details Bleed Out

Yesterday's news that Namco Bandai was reviving Splatterhouse for a next/now-gen release was met with greater enthusiasm than I'd expected. Suppose there's a reason why EGM opted to give the cover treatment. Thankfully, we have a tiny bit of new detail on the game, courtesy of 1UP.

The ZD gang reveals that Bottlerocket games—the folks behind the Mark of Kri games for PlayStation 2—are piloting the good ship Splatterhouse. And they even offer up a shot of the in-game model, bigger and bloodier than the wee thumbnail above. Squeal! I'm moving my bed next to the mail slot, for more instantaneous EGM gratification.

Previews: Splatterhouse [1UP]

Splatterhouse Returns!

Splatterhouse is back! The next issue of EGM is said to have the exclusive first look at Namco Bandai's revival of the twenty year old sidescrolling hack and bludgeon classic that features a Jason Voorhees lookalike on the hunt for his missing girlfriend. In the arcade version, protagonist Rick Taylor uses the power of the Terror Mask and his expert ability to whack things into a bloody mess to track down the lovely Jennifer. The TurboGrafx 16 port is currently available via the Wii Virtual Console.

New-gen Splatterhouse details are non-existent, but EGM subscribers should start seeing their copies hit later this week.

EGM Heads to the Splatterhouse [1UP]

Dan "Shoe" Hsu Leaves EGM/1Up

I was shocked today to read that long-time EGMer and guiding force Dan "Shoe" Hsu is leaving Ziff Davis Media and the 1Up Network for personal reasons. His last day will be April 25.

Shu is quick to point out that the decision was his alone and not one forced on him or dealing with any sort of lay offs, or connected in anyway to the recent news about Games for Windows. He says on his personal blog that after 11 years at the company it's time to move on.

It's with a heavy (and relieved) heart that I write this: I've tendered my resignation here at Ziff Davis Media and the 1UP Network. My last day here will be Friday, April 25.

This is my own decision; I'm not being forced out or laid off or anything like that. And this is not related to the recent news about Games for Windows: The Official Magazine (and I hope I'm not stealing any thunder away from those guys — that's not my intention here). It's just time for me to move on. I've been here, mostly with EGM, since April of 1996. That's 11 years (taking off one year when I did a brief stint at Gamers.com)...quite a long time!

While Hsu doesn't say where he's headed he does that that we will hear from him again in the near future.

love the videogame business too much to stay away (plus, I'm too old to become a professional snowboarder). Besides, I will miss you guys too much. You all have been fantastic. I sincerely appreciate all the support you've thrown my way over the years — and that, I'll never forget, either.

Thanks and good bye...for now.

I just hope it's still as a writer. The game industry doesn't need Hsu as much as we do.

Hit the jump for the official release naming Sam Kennedy as his replacement as Editorial Director for 1Up Network.

Goodbye [1Up] [Image]

1UP VP Explains The Positives Of Ziff Davis Bankruptcy

Confessions Of An ESRB Employee

Ziff Davis Files For Bankruptcy

The publisher of EGM, Games for Windows: The Official Magazine and 1UP.com has filed for Chapter 11 bankruptcy in a Manhattan court today, in an attempt to restructure its sizable, long-term debt. Ziff Davis has, according to Bloomberg's report, filed papers indicating it has somewhere between $500 million and $1 billion in debt, with previous reports pegging the debt at around $400 million.

The company has tried to negotiate its substantial debt out of the courts before, following a missed interest payment last summer. Over the past four years, the company had shuttered some of its publications, including the Official PlayStation Magazine and GMR, but continues to publish print properties like eWeek and PC Magazine as well as nearly twenty technology and entertainment web sites.

While we don't know much about the financial health of its video gaming properties, we have heard that the 1UP Yours podcast will be scaled back to a lean three hours in an effort to cut costs. A temporary setback, we hope.

Ziff Davis Media Files for Bankruptcy to Cut Debt [Bloomberg]

Is PlayStation 3 Backwards Compatibility Dead? Maybe Not

Dead Rising 2 Rumored To Be In The Works, But Not At Capcom

The latest issue of EGM should be hitting subscriber mailboxes any day now, but 1UP has an early look at the month's rumor round up from the enigmatic Quarterman. One of the biggest unconfirmed stories is that Capcom is indeed readying a sequel to Xbox 360 zombie fest Dead Rising. A Western developer is rumored to have taken the development reins, one based in the Los Angeles area. Capcom has certainly warmed up to developers outside of Japan, as development on Okami, Bionic Commando and Super Street Fighter II Turbo HD Remix has been outsourced westward.

Other enticing rumor tidbits: a forthcoming announcement from Team Ico, plus ports of Everyday Shooter and God of War: Chains of Olympus. I'm going to check the mailbox one more time. Things often get jammed in there. *checks* Damn it!!

Rumors: Dead Rising 2, God of War PS2 [1UP]

Next-Gen Xbox Development Already Underway?

That's what the latest issue of EGM says in its Quarterman rumors section, indicating that an unnamed "first party sequel" is already in development for whatever console Microsoft has planned after the Xbox 360. That could mean a next-gen—yes, that next-gen—Halo, Perfect Dark or Viva Pinata is just a few years off, as is the next step in the Xbox hardware cycle. Seems a bit early, doesn't it, given that the 360 is only two years and change old? Given that the Xbox and Xbox 360 were born just four years apart, it wouldn't be out of the realm of possibility—and these games do take quite a bit of time to cobble together—but we doubt that another short lifecycle on the current generation box would sit well with gamers.

Microsoft Already Working on Game For Next Xbox? [1UP]

PlayStation Network To Get Japanese Retro Remakes?

The latest batch of rumors from EGM's venerable Quarterman character/column points to a mysterious "major Japanese third-party publisher" signing on for a series of classic remakes to be delivered via the PlayStation Network. Who? EGM won't say, but 1UP head Sam Kennedy tosses out a few ideas—Konami, Capcom, Square-Enix. No word on graphical overhauls or Xbox Live Arcade-style releases featuring both visual updates and original versions, but we're hoping that they're not just upscaled

It reminds us of that other EGM rumor from last summer that pointed to a Mega Man remake coming to PSN, one that has yet to materialize. Capcom would make the most sense of the three names bandied about, as Konami has already delivered on a number of remakes—Contra, Gyruss, Castlevania: Symphony of the Night, et al.—and Square-Enix doesn't know what the hell to do with digital distribution yet. Of course, there are plenty of other candidates, but we'll keep our fingers crossed for that HD Forgotten Worlds remake.

Major Japanese Publisher Working on PSN Remakes [1UP]

Ziff Sets Us Straight On Stolen Street Fighter IV Pics

Earlier today, we posted about the plight of "tiny Brazilian blog" Blogeek, who, as you may remember, posted a pair of screen shots of Street Fighter IV yesterday. Amazingly, the site scooped 1UP to its own exclusive, claiming it had received the screens and details on the Capcom fighter from an "anonymous source." The site's owner, Douglas Pereira, wrote us this morning, crying out for help. "Ziff Davis is going after me. They're chasing me," he lamented. It was very heart-wrenching.

Sounds like EGM and 1UP were quite justified in their legal "picking on" of Pereira and Blogeek. He's an EGM Brazil freelancer and has now admitted to swiping the pics from Ziff-Davis' own media servers. EGM editor-in-chief Dan Hsu, who says ZD has the IP logs of the transgression to back it up, explains.

"The content you posted in the site blogeek is property of Ziff Davis, given from Capcom only to Ziff Davis and EGM issues, with embargo for the publications. Your publication of this subject is theft of intellectual property and should have immediate legal consequences. Ziff Davis and Futuro want you to cut off the content form your site immediately."