At 10 am on Wednesday 30th April 2002, Cees Zwaard called a meeting to brief the entire company’s staff. He explained that despite exhaustive attempts to gain approval of the ISW takeover from Kirch, sadly this had been unsuccessful. The moratorium agreed with the creditors was due to expire, and Global Interactive Gaming only had a bank balance of £1,600. Therefore the company would have to be put into receivership following an emergency board meeting. The day became known at GIG as “Black Wednesday.”
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