OnLive, the pioneering cloud-based gaming service, has just announced that the company will continue to operate under the OnLive brand name. The announcement comes despite OnLive being run by a newly formed company, who acquired all assets on August 17.
All of the staff working for OnLive were let go, though it is understood that many of employees will be asked back to the new-look company. The restructuring came in the form of an "Assignment for the Benefit of Creditors," a move more preferable than bankruptcy as it allows companies to reform and relaunch much more quickly. Investment will come from firm Lauder Partners.
A press release detailing the takeover reads: "The asset acquisition, although a heartbreaking transition for everyone involved with OnLive, allows the company's core innovation and ongoing offerings-the product of over a decade of hard work transforming the OnLive vision into reality-to survive-and continue to evolve."