They really buried the lede on this one. Sure, Embrace paid back a bunch of money using proceeds from the sale of Take-Two. That’s pretty normal business. But:
The company is also moving €900 million of its debt into tabletop publisher Asmodee as part of its plans to split into three separate entities.
It sounds like they are about to jettison the rest of their debt using Asmodee. Embracer will walk away with whatever money they have made and Asmodee will end up being crushed under most of the debt Embrace used to make that money. Vulture capitalism at it’s finest.