It's official. No more gold teeth will be added to that gruesome smile, as GRIN, the Swedish developer responsible for games like Bionic Commando, Wanted: Weapons of Fate and more is closing its doors due to "an unbearable cashflow situation."
In a letter from GRIN founders Bo and Ulf Andersson, the CEO and director, respectively, write that "too many publishers have been delaying their payments" to the developer, ending the 12-year-old company officially. The Anderssons lament their "unreleased masterpiece that we weren't allowed to finish," going on to thank their partners and the publishers who apparently did pay them.
GRIN was reported to have filed for bankruptcy earlier today, with Swedish news radio outlet Sveriges Radio citing the economic climate at the root cause of the closure.
Develop also reports that some former GRIN employees have founded a new studio, Outbreak Studios, which plans to focus on downloadable titles for Xbox Live Arcade, PlayStation Network, iPhone, Games for Windows Live and PSPgo. Outbreak was founded by former GRIN lead programmer Peter Bjorklund, whose credits unfortunately include Terminator: Salvation.
Best of luck to the guys and gals at GRIN. We really would've liked to see what became of that "unreleased masterpiece." And thanks to all of our tipsters—Guendolin, Khoi and Johan—for the helpful info.