SNK, now a subsidiary of Pachinko manufacturer Aruze, has filed for rehabilitation bankruptcy to the Tokyo courts.
Rehabilitation bankruptcy means that the company declares the fact that it is about to be made bankrupt and is allowed to continue trading, with the original management team remaining in place. This prevents any affirmation of actual bankruptcy from being declared for a limited time, which is specified by the court.
The system also gives SNK a greater amount of time to try and prove plausible future solvency.
In the meantime, a partnership between ex-SNK staff now working at Eolith and programmers from Brezza Games will see a new version of King of Fighters hit the arcades.
Called King of Fighters 2001: Dream Match Revival, the game will see a brief (and probably final) return of the Neo Geo MVS cabinet. There is no comment as yet as to whether the game will see a Neo Geo home console release.