UK-based co-dev outfit Airship Interactive has gone into administration, but its assets have been acquired by a new studio called Airmergent. 

GI.biz reports that this is a new business entity that now employs all 78 staff from Airship under UK TUPE rules, meaning that the company's in-progress contracts are not impacted. 

The company says that this decision was taken "in response to wider industry challenges". 

"Airmergent allows us to protect the team, preserve the work we're proud of, and build something even stronger," Airmergent CEO Joe Harford said. 

"We're carrying forward everything that made Airship trusted by clients worldwide, while expanding into co-development, enhanced workflows, and more agile ways of working.

"I'm proud of the resilience our team has shown and grateful to our partners for continuing the journey with us."

Airship Interactive went into administration on July 1st.