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Creditors cry foul over Oxygen buyout

"Creditors of defunct publisher Oxygen Games are up in arms over a pre-pack deal that has enabled the former CEO of the company to buy back the assets and IP of the publisher and continue trading as OG International.

Jim Scott, CEO of the company, has also taken on the 11 members of the staff that worked for the business before it went into administration, and will continue to sell Oxygen Games' products.

"It's good for the staff but it's not good for the creditors at all," said a senior exec who wished to remain anonymous.

"There's some fairly hefty bills outstanding and the question is how much of this has gone to the administrators, how much have they bought their own assets back for and what has been agreed to the creditors? Presumably, not anywhere near what it should have been," added the disgruntled source."

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