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Swedish developer SimBin Studios has gone bankrupt, former COO Christopher Speed has told Develop.

He said the company had “decided to go through a re-structuring process and the easiest way to do this was through a bankruptcy”. In total 18 staff were affected.

Following the bankruptcy proceedings Speed has formed a new company named Sector 3 Studios, which will continue to work on RaceRoom Racing Experience.

He claimed development of the title will not be affected by recent proceedings, and the studio has just released a new update for the title.

“I formed Sector 3 to first try and keep as much of the talent SimBin employed as possible,” he said.

“I also believe in RaceRoom Racing Experience as a product and the surrounding commercial ventures that were spawning from it.”

In future Sector 3 will also move office to the Gothia Science Park in Skovde, Sweden, but will continue to work at its Lidkoping base “until our 2014 commitments are delivered”.