Glostation USA Inc., a bankrupt virtual reality gaming center operator backed by Justin Timberlake and other celebrities, won court approval to reorganize after financial struggles triggered by pandemic-related business closures.
As part of the reorganization plan, the California-based company is receiving funds from parent Sandbox VR Inc. and restructuring about $13.6 million of secured debt to remain in business. Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central District of California said he would approve the plan during a telephonic hearing Tuesday.
Formed in 2016, Sandbox VR operates gaming facilities around the world offering full-body tracking and ...