German developer and publisher BitComposer has filed for insolvency.
The studio claimed its own problems stemmed from “the financial difficulties of its suppliers in game development”. As a result, it said, it could not complete work on its new titles and subsequently missed financial targets.
BitComposer had applied for a protective shield procedure on September 26th. This protected the company from foreclosure from creditors, while also allowing it to develop an insolvency plan.
During this period the firm was able to publish additional titles. As of December 3rd, the studio filed for regular insolvency proceedings. The district court of Frankfurt appointed Robert Schiebe of law firm Schiebe und Collegen as preliminary insolvency administrator.
Despite claiming its operations are “running smoothly” amidst what it has termed a crisis, the company is now seeking a new investor to ensure it can continue game development.
Founded in 2009, BitComposer has developed and marketed various titles such as Space Hulk, Son of Nor, Jagged Alliance and Air Conflicts: Vietnam.