Troubled developer, Realtime Worlds has gone into administration now – an insolvency measure few companies successfully return from. Selling Project: MyWorld could pull it off for them, however.
Some 23 of the original 60 developers that were working on Project: MyWorld have been rehired, making the social-gaming virtual environment platform a saleable business unit. At least theoretically.
Realtime Worlds owes US$4.7 million in the UK. It has released several acclaimed and successful game titles, a recent MMOG (All Points Bulletin), and has received roughly US$101 million in funding.
For those of you tuning in from the Second Life side of things, that’s five times the funding that Linden Lab received from investors.
Recent layoffs appear to total between 200 and 250, leaving a little under 60 staff (including those rehired for MyWorld).
Project: MyWorld, which acts partly as a mirror-world and also integrates social networks like Facebook, was due to launch next year. It will be interesting to see if anyone picks it up.