The fate of TimeSplitters developer Free Radical Design will be announced publicly on Wednesday February 4th 2009.
The developer went into administration towards the end of the year, bringing the total staff number to a lowly 40 members. Fortunately there has been "very strong interest" in the company, says ReSolve Partners. According to GamesIndustry.biz, the administrator hopes to be able to sell Free Radical as a whole, but is prepared to split rights to technology, IPs and other assets.
Codemasters and Monumental Games have expressed interest, and there's also been whisperings from outside the industry, but their fate is still uncertain at this time. Whatever happens, all the best to those working for Free Radical - we hope things go well during this chilly time.