(April 8, 2023) In a recent statement, MQA says it has filed with the UK court system for the Appointment of Administrators, the equivalent of filing for Chapter 11 in the United States.
The statement reads: “Following the recent positive reception to MQA’s latest technology (SCL6), there has been increased international interest in buying MQA Ltd. At the same time, MQA’s main financial backer is seeking an exit. In order to be in the best position to pursue market opportunities and expedite this process, the company has undergone a restructuring initiative, which includes entering into administration and is comparable to Chapter 11 in the US. During this process, MQA continues to trade as usual alongside its partners. We won’t be commenting further while negotiations take place."
This announcement has generated massive speculation, including the potential end to the technology's relevancy in the streaming audio space. As it stands, MQA is divisive, with as many detractors as fans. While it's difficult to read into the company's statement, it appears that MQA is fighting to stay relevant (whether as a whole or as part of what it is today). Though, the company's status and its ability to proclaim itself as a definitive must-have standard have never looked shakier.
We'll have more details as they become available.
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