Report - Team Bondi goes into administration

Sydney-based L.A. Noire developer Team Bondi is said to be in dire financial straits.

Australian entrepreneurial site SmartCompany reports Team Bondi was put under administration by the Australian Securities and Investments Commission on August 30.

A creditor's meeting has been scheduled for tomorrow. In the meantime, Team Bondi has vacated its offices, leaving no media contact details.

The developer was rumoured to be in negotiations with George Miller’s fim studio KMM regarding a buy out. KMM was said to be scooping up both staff and assets.

Businesses file for administration when they are unable to meet the financial demands of creditors. Despite L.A. Noire's success, the scandal-chased developer has reportedly struggled to find publisher backing for future projects.

Thanks, Gamespot.