Bloomberg reports that the publisher is promising debt holders up to $700 million in annual cuts, leading to fears of another major bloodbath in the video game industry. “The publisher has told debt investors that it will cut $700 million in annual costs, including $170 million in ‘organizational efficiencies,'” according to reporting from Bloomberg back when the debt was being shopped around to investors. The publisher currently owns a sprawling portfolio of game studios and franchises, ranging from annual sports blockbusters like EA Sports FC and College Football to The Sims and Battlefield. Criterion Games, which used to work on the Burnout and Need for Speed racing game franchises, has now been turned exclusively into a Battlefield support studio. “We’re not here to talk about the past,” VP & GM of Battlefield Studios Europe Rebecka Coutaz said on the studio’s 30th anniversary.