Multiple French media outlets are reporting this morning that Remember Me
studio Dontnod has filed for "redressement judiciaire," the French equivalent of bankruptcy.
The Paris-based developer was founded by former Criterion head Oskar Guilbert, and saw its first title Remember Me
published by Capcom last year.
Now several French news websites, including Factor News
, are reporting that the company has filed for bankruptcy, although there doesn't appear to be many more details at this time.
Meanwhile legal and financial website Societe also states that
Dontnod has filed for bankruptcy, and that legal representatives have been assigned to the case. We'll update you as confirmation comes.
: Dontnod CEO Oskar Guilbert has told GI.biz
, "There is no bankruptcy, Dontnod is not in bankruptcy... We are in something called in France 'judicial reorganisation' which allows us to re-adapt our production pipeline to the new situation."
He added, "We started new projects and those new projects need some investment and we decided to resize the company in order to match these new needs. That's why we needed judicial reorganisation."
However, "Judicial reorganisation" actually is one of several stages involved in bankruptcy in France. If a French company is unable to pay its debts, it must declare this to a court, at which point it can either utilize a judicial reorganisation in a bid to save the company, or go straight to liquidation proceedings.
Judicial reorganisation allows for the business to continue onwards while the bankruptcy procedures are ongoing, maintain its workforce, and start paying debts.]