Rime developer Tequila Works files for insolvencyManagement says it is "doing everything we can to provide support and guidance to our teams" News by Vikki Blake Contributor Published on Nov. 12, 2024 Tequila Works has filed for insolvency.In a statement, newly appointed general manager Trence Mosca said he was "proud of what [the team] has accomplished together," but "prolonged market conditions" means the Madrid-based Tequila Works had no option but to file for insolvency.Consequently, Tequila Works' founders have stood down, and Mosca has been appointed general manager."Since its founding in 2009, Tequila Works' game-development philosophy has always focused on 'creating things with gusto'," the statement said."We are doing everything we can to provide support and guidance to our teams during this difficult time."Tequila Works was established in 2009 and developed games like The Sexy Brutale, Rime, and Gylt. In 2022, it secured investment from Tencent, and though it laid off a number of staff last month, the cuts were seemingly not enough to keep the studio afloat.