Update: Remember Me Developer Dontnod has said it has not filed for bankruptcy proceedings following reports earlier today that it was in receivership.
In a statement go GamesIndustry International, CEO Oskar Guilbert said the company was in "judicial reorganisation", so it could "re-adapt" its production pipeline for what it called a "new situation", which includes new projects. It is not clear however if such cost-cutting measures mean there have been layoffs at the studio.
"We are in something called in France 'judicial reorganisation' which allows us to re-adapt our production pipeline to the new situation," saod Guilbert.
"Because as you know we finished a game called Remember Me for Capcom which was out in June 2013, last year. This game, I think it's important to mention, is number two in terms of downloads on PlayStation Plus in Europe, so it's a big success on the digital side at least.
"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."
Original story: Remember Me developer Dontnod has reportedly filed for bankruptcy.
French website Factor News has claimed the company has been placed in receivership due to its financial difficulties.
The Paris-based studio recently released sci-fi action-adventure Remember Me on console and PC, but following sluggish sales the developer now appears to be struggling to stay afloat.
The PS3 version of the title received an average review score of 72 on Metacritic.
We will update the story with more information as it develops.