Now Realtime Worlds US faces bankruptcy

Now Realtime Worlds US faces bankruptcy

By Rob Crossley

September 17th 2010 at 1:58PM

Colorado studio now likely to apply for Chapter 7 Protection

Realtime Worlds’ satellite studio in Colorado is braced for chapter 7 bankruptcy, the group’s administrator has confirmed.

Begbies Traynor today confirmed to Develop that 33 staff at the US studio have been made redundant, leaving just nine people to wind the operation down.

“Realtime Inc is now likely to apply for Chapter 7 Protection,” a company spokesperson told Develop.

The move adds to suspicions that the firm’s administrator has given up on trying to sell the company, and both its studios, as a going concern.

Seven staff remain at RTW’s Dundee offices, Develop was told earlier today. This is again to wind down operations.

The company’s IP has fared better.

Earlier in the month an anonymous US firm purchased the rights for Realtime Worlds’ Project Myworld, and last night it was rumoured that Epic Games is talking with Begbies Traynor to buy the APB IP.