Red Mile Entertainment's CEO Chester Aldridge has stepped down from his position at the Sin City developer, but will remain on the board of directors.
Kenny Cheung has also resigned from the board, with the company stating his move "did not result from any disagreement with the company relating to our operations, policies or practices," in a SEC filing.
Cheung owns Tiger Paw Capital, the company which financed Red Mile Entertainment with USD 1 million in February.
The developer and publisher had indicated last month that if it does not secure additional funding shortly, it will be forced to close. The studio, which as well as Sin City is working on Heroes Over Europe, hopes to raise USD 10 million to continue operations for the next 24 to 36 months
President of Red Mile, Simon Price, has been promoted to the chief executive officer position with immediate effect.