Persona dev Atlus' parent company files for 'rehabilitation'

Index Corporation, the Japanese company that owns video game developer and publisher Atlus, today announced that it is filing for 'rehabilitation'. The decision was settled on during a meeting with the company's board of directors today, and approved by a Tokyo District Court. Index has filed for Civil Rehabilitation, the Japanese equivalent of the Bankruptcy procedure. Under this procedure, the company will continue to operate, while a court appoints a supervisor to oversee the implementation of the rehabilitation plan. Index says that its expected revenues for the last few years have not risen in the way that it was expecting -- especially in overseas markets -- and as a result it has incurred heavy losses, and the company's financial condition has worsened. With debt totalling 24.5 billion yen ($$249.7 million), then has now led to uneasiness from suppliers, says the company. Atlus was previously dissolved into parent company Index Holdings back in 2010. The studio is best known for role-playing game series Shin Megami Tensei, and the Persona spin-off franchise.