SimBin Folds, Then Returns as Sector 3

SimBin Studios is a familiar name to gamers who enjoy sim-like racing titles such as Race 07 and its excellent expansion, GTR Evolution.

For a few weeks now, the Swedish game developer has been rumored to be in its death throes. Staff layoffs have been occurring at the company for some time now to mitigate against financial troubles over the past few years.

The rumors came true a couple of days ago when SimBin Studios officially died as it declared bankruptcy. However, like the mythical Phoenix rising from its own ashes, the company announced that it had reformed into Sector 3 Studios.

Christopher Speed, former COO of SimBin, had this to say: “I formed Sector 3 to first try and keep as much of the talent SimBin employed as possible.” He added that bankruptcy was “the easiest way” to execute a pre-planned “restructuring process” for the now-dead SimBin Studios.

Speed insisted that his company’s free-to-play RaceRoom Racing Experience will remain unaffected by the transition from SimBin to Sector 3, adding, “I also believe in RaceRoom Racing Experience as a product and the surrounding commercial ventures that were spawning from it.” As evidence of this, RaceRoom Racing Experience was updated just the day before SimBin studios declared bankruptcy.