GRIN founders Bo and Ulf Andersson have launched a new studio in Sweden, Supersledge, with the brothers blaming a "betrayal" by Square Enix for the downfall of the original company.
Although widely praised for downloadable title Bionic Commando Rearmed, GRIN's subsequent games were all poorly received, including movie tie-ins Wanted: Weapons of Fate and Terminator Salvation, as well as retail title Bionic Commando.
The company's next project was a spin-off from Final Fantasy XII for Square Enix, codenamed "Fortress", but financial problems during its development led to GRIN's bankruptcy and closure.
Speaking to Swedish website Nöjes Bladet, the brothers claim that Square Enix refused to make any payments for six months amidst claims that agreed milestones in the game's development were not being met.
The brothers though claim that Square Enix was being unreasonable and that suggestions that the game did not fit with the usual Final Fantasy aesthetic were tested by sending a screenshot of Final Fantasy XII - which received the same complaint.
Apart from concern over the financial failure of GRIN's other projects, in particular Capcom's Bionic Commando, it is still unclear exactly what led to the breakdown in the relationship between the two companies. GRIN chose not to sue though, due to the risk of even greater financial ruin.
The new studio will be unveiled at E3 next week, although the brothers have indicated that they will not be relying on support from traditional publishers.