RTW owes UK creditors £3m

RTW owes UK creditors £3m
Michael French

By Michael French

August 18th 2010 at 5:42PM

Administrator starts to reveal debts of dying studio

Realtime Worlds owes UK creditors in the trade around £3m, administrator Paul Dounis, of business rescue and restructuring specialist Begbies Traynor revealed this afternoon.

The studio, which developed Crackdown and APB, was declared insolvent last night.

These Realtime Worlds' debts are described as UK trade creditors - most likely a mix of recruitment, PR and advertising bills.

Begbies Traynor has also confirmed that only 53 jobs out of 210 will be saved in Dundee once it has restructured the firm - with 14 out of 42 saved at the Colorado studio.

The administrator also said both US and UK firms had expressed interest in buying the remaining assets of the studio.