LA Noire developer Team Bondi has entered administration, as the Australian studio battles against insolvency following an acrimonious split with publisher Rockstar.
Administrators aim to raise cash for the studio's creditors by either selling off assets, significantly reducing costs or even finding a buyer for the beleaguered studio.
Despite critical and commercial success for LA Noire, a bitter public conflict between Bondi and Rockstar regarding working conditions, management style and uncredited staff led to the GTA firm parting ways with the developer.
Now, documents filed at the Australian Securities & Investments Commission reveal Bondi is under external administration.
While a last-minute saviour is not impossible - unconfirmed rumours have circulated for some time that another Australian developer, KMM Studios, might acquire Team Bondi - the threat of closure has now grown significantly.