haʊˈɛvɚ, ˌɔn twˈɛnti wˈʌn ˈeɪpɹəl tˈuː θˈaʊzənd ɪlˈɛvən, dʒˈoʊ wˈuː dˈiː ɐnˈaʊnst ðˈæt, ʌnˈeɪbəl tə nᵻɡˈoʊʃɪˌeɪt wɪð pətˈɛnʃəl ɪnvˈɛstɚz, ðeɪ wɜːɹ əfˈɪʃəli fˈeɪsɪŋ bˈæŋkɹʌptsi pɹəsˈiːdɪŋz ænd hæd wɪθdɹˈɔːn ðɛɹ ˌæplɪkˈeɪʃən fɚɹɚ ɹᵻkˌæpɪɾəlᵻzˈeɪʃən plˈæn.
However, on 21 April 2011, JoWooD announced that, unable to negotiate with potential investors, they were officially facing bankruptcy proceedings and had withdrawn their application for a recapitalization plan.