While it's not surprising at this point, GamesIndustry.Biz has revealed that Team Bondi, the development studio behind L.A. Noire, is current under "administration" as the company tries to find new investors.

What this means is that Team Bondi remains under pressure to sell off assets and cut costs, although their best-case scenario would be a generous investor or buy-out. However, this may prove to be difficult given the huge PR fiasco the company suffered during their split with Rockstar, which came as result of the studio's harsh labor practices. A rumor that Team Bondi would be merging with filmmaker Greg Miller's Dr.D Studios and Kennedy-Miller Mitchell Films group only turned out to be half-true, as Team Bondi boss Brendan McNamara actually sold off the developer's IP and remaining assets.

Overall, it's not surprising, as many employees at KMM formerly worked under Team Bondi, and likely protested a merger, if that option was indeed on the table.

However, the real question is if (and most likely, when) Team Bondi as a development studio will cease to exist.

As GamesIndustry.Biz notes:

Now, documents filed at the Australian Securities & Investments Commission reveal Bondi is under external administration.

While a last-minute saviour is not impossible - unconfirmed rumours have circulated for some time that another Australian developer, KMM Studios, might acquire Team Bondi - the threat of closure has now grown significantly.

[Source: GamesIndustry.Biz]