It's not like the parent company doesnt still ultimately own all the assets transferred to the subsidiary. Maybe Ubisoft is just as bad at financial fraud as they are at video game development.
It's not like the parent company doesnt still ultimately own all the assets transferred to the subsidiary. Maybe Ubisoft is just as bad at financial fraud as they are at video game development.
All the real values of Ubisoft is now in the subsidiary. The old Ubisoft can now go bankrupt, be forced to sell their subsidiary stock (to Tencent), and leave the old stockholders holding the crumbs after the Guillemot take their golden parachutes.
Maybe I'm misunderstanding something but based on my recollection of when THQ declared bankruptcy (granted American company vs French one) you can't just play a shell game with a subsidiary studio because they'll all be seized and auctioned off to satisfy your creditors. Tencent wouldn't get any kind of special deal or priority.