Steam trading cards hit a snag as independent trading company finds it too big to fail
Steam trading card company Steam is set to fall into receivership after finding itself too big for its own good.
The company’s board of directors met Tuesday to discuss the potential for a restructuring.
In a statement, Steam said the company is “considering a number of options” but declined to elaborate.
Steam said it was seeking to sell its assets and that the company had raised $3.5 million in cash and debt financing to cover its liabilities.
“We believe that the risk is greater than it is today and are taking steps to protect the company and its shareholders,” Steam said.
Steam’s board voted to approve a restructuring plan, including the sale of all assets, effective Sept. 1.