Recent reports of layoffs revealed that Swedish developer GRIN was in financial trouble. Today, in a statement on the GRIN website, founders Bo and Ulf Andersson announced that the company was officially closing, citing an "unbearable cashflow situation" due to delayed payments from unnamed publishers.

In the statement, the founders mentioned "our unreleased masterpiece that we weren't allowed to finish" and thanked many of the companies they worked with, including Ubisoft and Capcom -- but not Warner Bros., for whom GRIN made Wanted: Weapons of Fate and Terminator: Salvation. As reported earlier today, several GRIN staffers who had previously been laid off have gone on to form Outbreak Studios.

[Via Kotaku]

This article was originally published on Joystiq.