The studio behind the Hellgate: London MMO has "for all intents and purposes" closed down, Flagship Studios co-founder and COO Max Schafer told game industry site Gamasutra.

Schaefer recently told Gamecyte.com, in regards to the closure, that the company is currently trying to "take care of the final affairs." He added, "It’s a little bit of a new experience for all of us. We don’t exactly know the ’proper’ way to close down a company."

"First and foremost, we’re just trying to take care of the debts and the employees in an orderly fashion, so [Flagship CEO Bill Roper] and one or two other people have stuck around and are doing their best to get that done before we move on in different directions."