We all knew that for quite some time now that 3DO has been struggling financially. We reported a while a go that the company's CEO, Trip Hawkins even loaned his own company several million dollars many months ago just to help it stay afloat.

"This filing gives us more time to complete transactions in the interest of our stakeholders," said Trip Hawkins, Chairman and CEO. "While we hope that this news will generate additional new opportunities, at this point we are focused on pursuing either the sale of the entire company or the sale of its assets."

3DO is now actively seeking a buyer, either for the entire company or any of its assets.

What will happen to its current GameCube games in development (Cubix Showdown, Four Horsemen of the Apocalypse, Jacked and Street Racing Syndicate) is unknown.