Spellbound Entertainment Files For Insolvency

German developer Spellbound Entertainment has filed for insolvency after failing to secure an investment to keep it fully operational. The good news, if there is any to be had in a story like this, is that the salaries of the company's 65 employees have been secured while the preliminary insolvency proceedings take place, and Spellbound will proceed as normal. A new round of investment is set to begin immediately, and preliminary insolvency trustee Ulrich Nehrig claims that there is "a very good chance of success" because Spellbound has a number of projects underway.

The Offenburg, Germany-based development studio was formed in 1994, and has created several games including Desperados, Giana Sisters, Airline Tycoon and Gothic 4: Arcania.

Spellbound is currently developing a steampunk themed action game called Ravensdale using Havok's Vision Engine game development technology.

Source: Develop

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