HTC announced it will recognise a USD 40 million loss on its investment in OnLive, an onling gaming services provider. HTC paid the same amount for a stake in OnLive in early 2011. Other OnLive investors include Belgacom, Warner Bros, AT&T, BT, Autodesk and Maverick Capital. OnLive confirmed it used an 'assignment for the benefit of creditors' process to restructure its assets, after it was unable to meet its financial obligations. All of its assets were acquired by a newly formed company that will continue to operate under the OnLive name. All OnLive services and partnerships are expected to continue without interruption, and users are not expected to notice any changes. However, the company had to lay off half its staff, and shares from the previous company will not transfer to the new OnLive. An affiliate of Lauder Partners was the first investor in the newly-structured company. The company said it plans to hire new staff, including former OnLive employees, once it secures new funding. No financial details of the restructuring were disclosed.
